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

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Founder-Editor: Sachin Chaudhuri Vol IX No 25
Skylark 284 Frere Road Bombay 400 001
Grama Econweekly Editor Krishna Raj Assistant Editors Rajani X Desai, Jawid Laiq Editorial Staff Colis de Souza, Ashok Rao, A A Dalvi A GROUP of economists had submitted 'Memorandum on a Policy to Contain Inflation' to the prime Minister in February 1974. The Memorandum had proposed a package of measures "in the realms of monetary, fiscal and trade policy and industrial 'relations". Though the Memorandum did refer to "a structured demand managament strategy, to regulation of stocks and Expansion of production and capacity and to the need to "introduce a freeze on salaries and wages, profits and dividends'', its primary preoccupation was with the level of money supply and its growth. The key measures which it proposed were immobilisation of 30 per cent of the existing money supply and a ceiling of 5 per cent on the annual growth rate of money .supply. The emphasis on controlling money supply in recent discussions within the government has apparently encouraged the group of economists to now come 'out with specific proposals

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