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

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High-Cost Capital

THE Reserve Bank's credit policy for the second half of 1995-96 is on predictable lines; it advances financial sector liberalisation initiated as a part of structural adjustment and presents monetary policy perspectives and measures guided by monetarism. Not surprisingly, they fail to meet the needs of the macro-economic situation and correct the growing imbalances and inequities. The vast potential for using institutional credit for promoting productive activities and broadbasing the development process is being sacrificed at the altar of narrow ideology.

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