earlier draft of the paper. Above all she wishes to acknowledge the unstinted help given by several of her colleagues and friends at different stages in the preparation of this paper She alone, however, is responsible for the errors that remain.] 1 K N Raj, "Prospective Changes", Seminar, December 1979; S L Shetty and K A Menon, "Savings and Investment without Growth", May 24, 1980 and N A Majumdar, et al, "The High Saving Phase of the Economy, 1976-79" RBI Occasional Paper, June 1980.