UNITED STATES-Contest of Personalities

ECONOMIC AND POLTTICAL WEEKLY crore the increase in net bank credit to government accounted for about 45 per cent of the rise in M3, as compared with 48 per cent in 1982-83. This works out to about 81 per cent of the expansion permitted under the IMF conditionally for the whole year. Rise in RBI credit to government was Rs 1,550 crore, lower by Rs 23 crore than that in 1982-83. Credit by other banks to government was Rs 3,397 crore, much larger than the rise of Rs 2,606 crore in the corresponding period of 1982-83. Bank credit to commercial sector was the single largest expansionary variable, amounting to Rs 6,550 crore against Rs 6,187 crore in 1982-83. The expansion in bank credit to commercial sector works out to about 71 per cent of the ceiling stipulated by IMF. Net foreign exchange assets of the banking sector were drawn down by Rs 533 crore in 1983-84 compared to Rs 941 crore in