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Changing Role of Gold

ing dens. Therefore, before we go too far, let us halt and ponder for a while as to where this path leads to. Let us keep two issues separate. The first is the (question of public finances. On this, let there be no doubt that public revenues must be raised only through proper fiscal means and not by exploiting the vice and weaknesses of the poor. The second is the question of vice and crime in society. On this, there can be no other policy than to take all needed measures, economic, social and educational, to prevent the spread of vice and crime and to limit it to the irreducible minimum. The question of public revenue must be divorced from the question of vice and crime in the society.

Government by Gambling

Government by Gambling V M Dandekar IN the auspicious year of the Birth Centenary of Mahatma Gandhi, the Father of the Nation, the Governments of most States have inaugurated two important social reforms: One is relaxing or altogether lifting prohibition; the other is initiating State lotteries. Whatever the justification given, the reasons for the two reforms are obvious. The expenditure on development programmes and the expenditure incurred in the name of or incidental to such programmes has been mounting day by day. Two years ago, the then Finance Minister suggested that public expenditure must be restrained and unproductive expenditure must be eliminated. Much thought was given to the subject. Several economy measures were explored in order to cut down public expenditure. But they turned out to be politically impossible. Hence- it became obvious that additional finances must he raised to meet mounting expenditure.

Congress Split and the Left

December 13, 1969 which in the opinion of the financing institutions need further processing to prove their project viability, commercial feasibility, and market prospects, would be passed on to the team. The team's main task will be to work with the promoter, either at the plant or in their own office, working out the promoter's idea into a viable project-report, restructuring or recasting the project details, supplementing the data already provided. The role of this team will be to help the promoters formulate a bankable project and thus to assist the financing institution to screen and arrive at a financing decision. The primary responsibility for the financing decisions, and hence the basic financing risks, will of course devolve on the financing institution itself. Promotional and post- financing follow-up functions could, however, be subsequently entrusted to the teams.

Pre-planned Investment Loans

September 20, 1969 only two-thirds of the total cultivating households operating loss than 5 acre holdings is uneconomic. About two- fifths of the land under small-sized holdings is uneconomic. This disproves the widely held contention that all holdings below 5 acres arc uneconomic. Further, regarding the holdings above 5 acres, at the all-India level, the extent of cultivated land in the holding sizes of 5 acres and above coming under the purview of uneconomic holdings is a little less than half of the total uneconomic holdings in small sizes of holdings, In Rajasthan, Gujarat, Maharashtra, Madhya Pradesh and Mysore, the total cultivated area in uneconomic holdings is greater (due to low productivity of land) in holdings of the size of 5 acres and above than below 5 acres.

Ban Apropos What

 even retired economists, have become scarce (at least, more scarce than retired civil servants), and the Government has not been able to find one to do its bidding on the Tariff Commission. Or, with the experience of economists writing minutes of dissent to the Commission's Reports, the civil servants might have decided to exclude economists from Government patronage. The Commission would now be re lieved of such minor distractions as economic analysis of problems under its examination or economic logic in their conclusions. It would be a thoroughly practical body giving here and taking there to arrive at conclusions which would displease neither industry nor Government.

Inefficiency of Public Sector-Political Defence Is Misleading

Inefficiency of Public Sector Political Defence Is Misleading THE public sector (excluding railways) is a tender plant, dating back less than 15 years. Yet, even when confined to spheres in which the private sector has had neither the ability nor the resources to enter, it has always been under attack from the powerful, spoilt and not-more efficient private sector and by the Press which is controlled by more or less the same interests.

Options Muffed

Options Muffed G S Bhargava THE External Affairs Minister statement in Parliament on the Sino-Soviet border clashes and the sharp reaction it evoked from Peking have eliminated the chances, if there were any, of normalisation of Sino-Indian relations. Ever since the Prime Minister indicated, at her New Year Day press conference, India's willingness to negotiate with China without any preconditions on either side, there was speculation, if not hope, of a dialogue with China. We were scanning the horizon for reciprocal hints from Peking. The presence of Chinese diplomats at receptions in Kathmandu and Rangoon for the President and the Prime Minister was noted and even commented upon as a likely straw in (he wind. Now the slate has been wiped clean and our relations with China seem to have reverted to the state in which they were

Easy Money Euphoria

Easy Money Euphoria Manavendra SIGNS of industrial revival and plentiful money supply seem to have made the authorities oblivious to the wider dangers of stagnation. There arc at least three clear indications of these new trends. First, plentiful money supply is an index of the existence of large unutilised capacity in industry. Second, after several weeks when the price index was between 1 and 2 per cent lower than in the corresponding weeks of the previous year, the price level has begun to rise again, even faster than last year (the wholesale price index for the week ending March 22, 1969 was 5.4 per cent higher than for the corresponding week in 1968). Third, States have "planned" for massive deficits in their budgets.

South-East Asian Security

ciples unanimously agreed upon in the legislators' accord of January 19. Clarifications were given by the State Government on various points he raised

Long Haul Ahead

March 1, 1969 86 seats, compared to 25 in 1967. This was very largely the result of the fight between SSP and CPI (most of the losses being suffered by SSP).

Central Budget Adjusted Dilemma

February 22, 1969 tion by the students. It is common to spend more time and energy discussing what to do than implementing the final decision. There is also the danger, so far not very serious, that the different groups within the movement might get preoccupied with their own activities and that the movement may thus lose its unity. The most active faculty is, not very surprisingly, the Philosophy Faculty of Charles University which is Czechoslovakia's oldest and most prestigious educational institution. In the Czech system, this faculty contains such disciplines as sociology, political science, psychology, and most of the humanities. Engineering and economics students have also been involved, but on a less active scale.

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