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

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Squaring the Circle-Union Budget for 1977-78

relation to productivity, the author concludes as follows: "A careful look at the two series of productivity per. worker and real earnings discloses another significant and strong correlation. This is between the increase in productivity (per worker) and growth of real earnings (p 48)." We wish THE Economic Survey (1976-77) of the Government of India, has spelt out the short-term arid long-term problems confronting the Indian economy. It has also indicated, in rather broad terms, the direction of policy which the new government proposes to take. While it would be unfair to have expected the Central Budget for 1977-78 to move in all the directions in a decisive manner, one looked forward to the Budget for some definite action to resolve the short-term problems and to make a beginning in the direction of overcoming the long-term ones. The purpose of this article is to attempt an- assessment of the Budget from these angles.

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