GOVERNMENT FINANCES-Reckless Rise in Consumption


GOVERNMENT FINANCES Reckless Rise in Consumption (From a Special Correspondent) IT is now widely recognised that the low rates of saving and investment in the public sector have been responsible for the stagnation of the economy for almost a decade. The Reserve Bank's latest Report on Currency and Finance provides telling statistical evidence of this. The Report brings out how public sector saving as a proportion of net national product (NNP) has declined from 2-2.2 per cent in the years 1968-69 to a proportion of total domestic saving,