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

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Planning-Dwindling Domain

been converted into a surplus of Rs 14 crores. At the same time, the Centre's deficit for 1972-73 placed at Rs 550 crores in the revised estimates shot up to Rs 862 crores in the final accounts. Evidently, their were larger Central financial transfers to the states than were visualised by the states at the time of compiling their revised estimates for 1972-73. All the normal transfers expected from the Centre arc generally incorporated in the revised estimates of both Central and state governments. Takeover of stare liabilities by the Centre gets reflected in Central government's borrowing from the Reserve Bank in the form of ad hoc treasury bills, etc. Besides the increase in deficit financing for 1972-7-5, there has been also a vast net sale of treasury bills to the Reserve Bank

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