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Founder-Editor: Sachin Chaudhuri Skylark 284 Frere Road Bombay 400 001
Grams Econweekly .
Editor Krishna Raj Assistant Editors Rajani X Desai, Jawid Laiq Business Manager A Fernandes-Prabhu Editorial Staff Colin de Souza, Ashok Rao, A A Dalvi FINANCIAL indiscipline on the part of the Central and state governments has been a major factor responsible for the current economic crisis particularly the inflationary rise in prices. But, while discussions of the problem have focused attention on the Centre's deficits and poor budgetary management, the contribution of the states to the financial chaos has not received comparable notice, probably because it is assumed that with the Reserve Bank discontinuing overdrafts on it by the states the major source of profligacy by state governments had been closed. In fact, however, the Reserve Bank's step has, been far from effective.