South Asian Interactions

and this was borne out by the fact that the growth rate in national income actually declined during this period. Similarly, the impact on savings rate of the measures taken during the emergency such as freeze on wages, dividends and compulsory deposits is not clearly brought out in the analysis of the high savings phase. Lastly, while dealing with the key issues in the emerging savings scenario no mention is made of the liberalisation process and its likely impact; nor is there any suggestion to link up formal and informal financial sectors to bring in unrecorded savings.