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

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TELCO s Impressive Growth

into certain priority sectors like exports, engineering industries, small-scale industries and agricul- tural inputs on easier terms is a pointer in that direction. The stock market appears to be considerably impresaed by the Reserve Bank's open market operations. The Bank's entry into the market as a buyer for a number of securities at sub- stantially higher than the prevail- ing market prices has been interpreted to indicate the possibility of a reduction in the Bank Rate in the not-distant future. The stock market's optimism in this regard may prove to be misplaced. That a reduction in the Bank Rate can provide a boost to the stock market's morale will, however, be conceded, the severe limitations of monetary policy in the Indian economy notwithstanding.

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