ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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AGRICULTURE-What Good Monsoons Have Helped to Conceal

AGRICULTURE What Good Monsoons Have Helped to Conceal Charvaka The excellent rainfall in the past few years and the favourable production response to increased availability of modern inputs have tended to create a sense of complacency in official circles towards solving the long-term problems of agriculture. At least five critical areas which have been neglected can be identified.

Foreign Banks in India-The New Drain

The New 'Drain' Charvaka The phenomenal profits of foreign banks operating in India have come not from genuine banking, but from treasury operations, from so-called portfolio management and from lending in the money market non-deposit resources garnered essentially from other banks, financial institutions and public sector undertakings.

CORPORATE SECTOR- Importance of Being Big

the barrage and a tender notice has been published in an Agartala newspaper. Dacca has also blamed India for attempting to build four more water diversion structures on some other rivulets coming out of its territories. The Indian side argues that it has a right to use these rivers' waters for the benefit of its people. It asks why Bangladesh alone should use 380 cusecs of the 450 cusecs of Gumti CORPORATE SECTOR Importance of Being Big Charvaka river water, ignoring the requirements of Tripura's peasants.

THE ECONOMY- Saving-Investment Conundrums

Saving-Investment Conundrums Charvaka THE Central Statistical Organisation (CSO) has at last released its quick estimates of national product, saving and capital formation for 1978-79, though its White Paper for the previous year, 1977-78, is yet to be available in print. At a time when many contradictory developments are taking place in the Indian economy, the ready and quick availability of such data in a more disaggregated form should be of great help for students of current economic affairs. In the absence of many details which are generally contained in the White Paper, no definite con- elusions could be drawn from the quick estimates about the directions in which the Indian economy is moving. Let us take the instance of the estimates of domestic saving and investment. Both the Reserve Bank of India and the CSO


specialist has won the status of Secretary to the government itself in some departments, much against the tradition of IAS domination of Secretariat positions.

THE ECONOMY-Structural Change

sight. Bhukhan Dusadb, a 70-yearold labourer, was caught and dragged to the edge of the small tank in the village. He was shot and thrust into a heap of wood and thatch which was set on fire. A week after the savagery, the labourer's bones were littered around the ash-heap.

CORPORATE SECTOR-No Check on Managements

No Check on Managements Charvaka THE Reserve Bank of India has just published, in the September 1977 issue of its monthly Bulletin, the fuller version of its latest annual study of the finances of 1,650 medium and large public limited companies in the private sector, covering the year 1975-76. The performance of the private corporate sector in 1975-76, as it emerges from the study, has to he assessed in the light of certain by now well-established tendencies which characterise the working of the private corporate sector. First, those in control of companies deliberately inflate costs to evade tax liabilities and to decieve both workers and the general class of shareholders. Secondly, in these efforts of the company managements liberal finance provided at low cost by the public sector financial institutions, including banks, plays a major role. Finally, despite the enormous amounts of investible funds provided by the public sector financial institutions and the growth of capital assets, expansion of employment in the private sector has been niggardly.

High Tea

December 24, 1977 is a separate Hours of Employment Regulation (HOER) framed in 1931 for railway workers, through which some workers were classified as 'excluded' and forced to work more than 8 hours and even upto twenty-four hours. It is only recently and after numerous struggles that loco running staff have won the right to fixed hours duty. Gatekeepers and some others still have 24 hours duty. The railwaymen have for long demanded that they should be recognised as industrial workers, with 8 hours duty and that they should be granted full trade union rights, During the Emergency, railway'workers were among the worst affected. The forced sterilisation drive was carried out with a vengeance. General Managers of different railways vied with each other claiming records in the numbers sterilised. Many types of weapons like transfers and suspensions were used to force the workers into submission. The change of government has not made any change to these bureaucrats, who continue to rule the roost, serving themselves and big business. Handling huge contracts, corruption is the normal way of life for bureaucrats. The railways, like the whole state sector, is geared to benefit the bureaucrats and big business through freight concessions rebates, and special rates.

CREDIT POLICY-All Things to All Men

All Things to All Men Charvaka December 17, 1977 refinance likely to he available from this new 'window' will be no more than Rs 5-8 crores a year, which is a pittance compared to the regular refinance facility of some Rs 1,000 crores which banks enjoy. This underscores the importance of a total recasting of the refinance/rediscount arrangements so that refinance/rediscount facilities are linked to qualitative changes in the lending policies of banks. As things are, given the rate of growth in their deposits, the refinance facility equal to one per cent of demand and time liabilities, which is available to them as a matter of course, alone will take care of the banks' needs in the next two years or so.

FOREIGN TRADE-In the Same Groove

In the Same Groove EXPORT-IMPORT trade policy was one or" the areas where the assumption of office by the Janata government was expected to make a substantive difference. At least that was the impression sought to be created by the statements of the leaders of the party as. well as by the references made to the subject in the party's election manifesto. It had been consistently emphasised that the approach of 'export or perish' or of export-led growth was unacceptable to the Janata party. The Minister for Commerce and Civil Supplies, Mohan Dharia, also reiterated this position in his public pronouncements for some time after assuming office.

THE ECONOMY-The Necessary Shake-Up

sugar distribution, It is this kind of situation which appears to have impelled the planners to come out in the open with their demand for review of policy on subsidies and prices and for widening the base of taxation.


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