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

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Private Saving at Public Cost

THE Central Statistical Organisation (CSO) has released its 'quick estimates' of national income for 1989-90. The estimates provide ample evidence of how the economy is moving in circles in a narrow groove, entrapped in what economists describe as an underdevelopment equilibrium. The protagonists of the prevalent development strategy like to claim that during the eighties the economy finally broke loose of the 'Hindu rate of growth' recording an average annual GNP growth of 5.5 per cent against the earlier 3.5 per cent. This may be so, but it is also a fact that none of the major social and economic indicators really reflects this enhanced growth scenario. It is known, for instance, how employment growth in the organised sector during the 1980s has been niggardly, compared with that during the 1960s and 1970s. Even the macro-economic indicators which the national accounts statistics bring out fail to exhibit any impact of the supposedly accelerated pace of growth.

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