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

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The Budget, Prices and Investment

April 1, 1978 "Indian Industry has shown all these years a partiality for capital intensity. In an economy where labour, even skilled labour, is abundant, this bias towards capital intensity is uncalled for. We have to think of ways and means of optimising the use of not only capital which is scarce but also of manpower which is abundant." With Patel himself having said this much, one expected that he would do at least something in the budget to discourage the employment of capital and to encourage the employment of labour in Indian industry. But as is well known, saying and doing are two entirely different things. Considering the visible influence on policy-making of some powerful lobbyists in the country, one has to have guts in order to be able to do certain things. An there is reason to believe that at lea the finance minister does not have the required guts.

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