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

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Glaxo- How Much Is Enough

November 6, 1971 major policy problem. Should the credit policy continue to be detailed? In that event, fresh details need to be introduced almost every other day. Thus should not the overall level of credit be curbed in an inflationary situation? Then should not exemptions be made in favour of economic sectors which are operating below capacity? But within such sectors there are firms which are operating at full capacity; .should they too be covered by the exemption? Should credit to priority sectors be extended irrespective of the fact that such credit makes up for credit deficiency on other counts? In seeking to take care of these considerations, the Reserve Bank issues policy directives from time to time, which arc cither reinforced or weaken ed by supplementary letters of advice: a series of exemptions to exemptions have been devised to general and selective credit control regulations. Clearly, their sum can hardly be called a policy.

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