Must Business Economists Be Objective

Must Business Economists Be Objective?
(From a Special Correspondent) THE Fourth Annual Session of the Business Economists' Group was held in Delhi on February 25 and 26. The subjects discussed were the Economic Outlook for 1972-73, Economics of the Automobile Industry, Uncertainty in Corporate Planning and the Mid-Term Appraisal of the Fourth Plan, ECONOMIC OUTLOOK FOR 1972-73 True to their dismal calling, the economists were worried about the economic outlook of 1972-73. While the agricultural harvest had been satisfactory and growth of the tertiary sector, propelled by etatism, seemed to be satisfactory, it was suggested, in the papers of J C Rao as also M Mohan and Tapan Piplai, that the rate of industrial growth would not exceed 5 per cent in 1972- 73. P B Medhora argued that the growth rate of industry should be projected on alternative assumptions of no change in government policy and of significant changes in policy (an issue which was also discussed later in the session on the Mid-Term Appraisal), Even without any change in policy, the emergence of Bangladesh would have an impact on industry, particularly in the eastern region. Medhora argued that the policy issue was not of raising the level of investment as of increasing government expenditure in order to utilise capacity in industries like railway wagons. Pitamher Pant suggested that such expenditure itself depended on investment decisions by the government and the private sector.