Raw Material for Business Economists

T P Subramonian THE Business Economists' Group, which was formed last year, held its second full-scale conference last week- end in Bombay. Two subjects, on each of which two excellent papers were presented, provoked lively discussion. Despite the wide divergence of views on the prospects of the economy, a fair measure of agreement on methodology and identification of problems and hazards facing the business economist was discernible in the discussions. On "The Economic Outlook for 1970-71", which was the subject of discussions on the first day, papers were presented by Richard Alt and V S Bhave. On the basis of a macro- economic survey, Alt forecast a 5 per cent increase in overall agricultural production in India during 1970-71, with foodgrains rising by not less than 5 per cent and non-foodgrains rising by" about 4 per cent. He also forecast a 7 per cent growth in industrial production, no major threat to price stability despite an estimated 9 per cent increase in money supply, and a marginal improvement in balance of payments