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

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THE ECONOMY-At the Cost of Growth

shibboleths, the performance of the external sector in 1992-93 resembles that in some years of the 1970s. It reflects the depressed state of the economy as a whole. The government had resorted to draco- nian measures of demand management in 1973-74 as a result of which the rate of growth of industrial production, which had touched 5.8 per cent in 1972, slumped to 1.6 per cent in 1973 and 2.1 per cent in 1974. This in turn had contributed to a 12 per cent decline in the quantum index of imports in 1974-75. After a brief interregnum, demand compression measures had to be further stepped up in July 1974 and finally there followed the declaration of the emergency In mid-1975. The demand compression was reflected in drastic curtailment of development expenditure, the growth of which fell from 17.3 per cent growth of development expenditure by 39

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