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

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BIHAR- Eclipse of Congress

 cant point he made in this context was that till now 'demand management' was being resorted to to maintain price stability, but now it was proposed to improve the supply position of critical commodities such as edible oils and cotton. Import of these commodities had been arranged, he said. He had to project such a shift in policy simply because he had to reckon with the spate of election concessions which could not be justified in terms of conventional demand management. But reliance on selective imports does not signify a break with the new monetary strategy which has gained ascendancy in official policy. It is only a variant of it in the prevailing political and economic conditions. The most important feature of economic management and policy still is the low priority given to allocation of resources for development. The Plan outlay for the coming year, for instance, provides for only Rs 900 crores as its external exchange component. The swelling foreign exchange reserves are evidently not going to be committed to planned growth because they may be needed to improve the supply of articles of current consumption as a price stabilisation measure.

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