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

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No Going Back

Official sources have recently thought it necessary to deny that there was any move to reverse the government's liberal economic policies. The denial has apparently been provoked by a series of newspaper reports which have talked of a note prepared by some officials in the all-powerful prime minister's secretariat calling for major changes in economic policies. The note in question is said to have advocated, among other things, the nationalisation of the cotton and jute textile and sugar industries, changes in tax policies including the reintroduction of estate duty and sharp increases in excise duties on luxury goods matched by lowering of the duties on essential goods figuring in the consumer price index, review of the relaxation of industrial licensing and other controls and restitution of the public sector's dominant role in the country's industrial development. In regard to external economic policies the note is said to have asked for curbs on imports and foreign collaboration agreements, for stricter scrutiny of reliance on aid from the western aid-giving nations and institutions and on international commercial borrowings and for further strengthening of the country's economic relations with the east European countries.

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