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

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INDUSTRY-Dependence on Monopoly Capital

banks' lendable resources, (b) channel resources to the government, thereby reducing its dependence on the Reserve Bank for finance and thus slowing down reserve money expansion, (c) obviate the need for Reserve Bank to pay interest on enhanced cash reserve, and (d) prevent reduction of banks' support to government for reasons of slower deposit growth. The likely effectiveness of this instrument is underscored by the fact that reportedly many banks have already attained the maximum CRR of 15 per cent prescribed under the Reserve Bank of India Act POLITICS Not Going to the Roots THE national convention against com- munalism and separatism organised by the CPI(M), CPI, Forward Bloc and RSP in. New Delhi on October 12 could be a major step in Indian politics, provided the organisers sustain their proposed campaign and retain the active cooperation and support of the other Opposition parties like the Lok Dal (B), Congress(S), Telegu Desam and the V P Singh-led Jan Morcha, who attended and spoke at the convention While one would surely agree with the main points made in the declaration adopted by the convention

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