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

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Poona Riots-Can Government Complain

expenditure of Rs 7,840 crores in 1972-73 (revised estimates), Rs 2,718 crores or 34.7 per cent was spent on capital formation (directly by the gov- ernment, as well as by transfers for capital formation). Here, again, capital formation as a percentage of tolal central government expenditure had formed 49.9 per cent in the Second Plan and 46.9 per cent in the Third Plan. It would have been higher in the Third Plan period but for the sharp increase in defence expenditure in 1963-64. Subsequently, capital formation has consistently declined to as low as 32.2 per cent in 1971-72, even though in the intervening period the economic situation was considered relatively satisfactory.

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