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

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First Step in Credit Planning

than normal". So a figure of 95 million tonnes is fixed on for food- grains output. And given a good agricultural season, "industrial production should pick up significantly in the second half of 1967-68". Taking the year as a whole, it is assumed, industrial production would rise by 5 per cent. With the help of the further assumption of a 4 per cent increase in real income in the tertiary sector, it is a matter of simple arithmetic to conclude that "the increase in national income in real terms would be about 12.4 per cent". This would take the economy at the end of 1967-68 to a level which it would have reached if, since 1964-65, instead of suffering a serious dip, it had continued to grow at the "observed long-term trend rate of about 3.8 per cent per annum". In other words, "the economy will have moved up to the long-term trend line".

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