ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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A Note on the Macroeconomics of the Twelfth Five-Year Plan

The macroeconomics underlying the Twelfth Plan is fl awed because the picture that the Planning Commission paints of a higher savings ratio being associated with a reduced current defi cit ratio will hold only through a reduction in income. If exports are going to be restricted by world demand conditions, then the way to increase output is by lowering the import propensity, not by raising the saving propensity, as advocated in the Twelfth Plan.

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