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

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Liberal Credit

that a smaller plan means less additional tax effort and better opportuni- ties for existing industries. The prevailing mood of the market suggests that it is set for hoisting a new peak before the year is over. And yet it might not be so very easy. One can never tell when the market might turn its thoughts to student unrest which is assuming disturbing proportions, lawlessness in various parts of the country, uncertainties regarding the outcome of mid-term elections in certain States and above all the none-too- promising aid outlook. Morarji Desai who, a few days earlier, had dismissed the international monetary crisis as of little significance for the Indian economy, is reported to have stated at the Informal Consultative Committee meeting that the international aid climate was difficult because of the balance of payments situation in some advanced countries and their preoccupation with their domestic situation.

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