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

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CONTENTS

The continued bellicose tone of US policy-makers on the Iraq issue is- baffling. Such stridency about the use of force against Iraq carries less and less conviction, even as the region itself remains insecure and unstable due to the armed camp set up by the US. 574 Uneven Modernisation The modernisation of the economic and social order in Pakistan has not been accompanied by a reform of the institutional order giving rise to a crisis in governance. 572 Change and Continuity The autobiography of Hussain Jamadar, a Muslim activist of Kolhapur in the early years of this century, provides an interesting view of the changing nature of Muslim social life in the region during that period, 607 Shaky Credit Given the state of their finances, the methodology followed for credit rating of state governments and their public sector and statutory corporations needs to be examined carefully to ensure that investors are not misled. 566 Fiscal Hole The economy is facing a serious structural constraint. Public sector investment, which crowds-in private sector output and investment, has suffered badly. Private sector companies are not in a position to raise fresh equity as the share market is in the doldrums. Fear of non-performing assets and capital adequacy requirements is hindering banks and financial institutions in extending credit to industry. In such a situation, decisive action on the fiscal front alone can break the impasse. 558 Measuring Inflation Since the last fiscal year, there has been a widening gap between inflation rates based on WPI and CPI, with the latter at much higher levels than the former How useful is it to use a WPI-based inflation rate to capture the impact of price rise for the average consumer? 599 Dregs of Development Large projects directed at exploiting the natural resources of the region are being initiated in the tribal areas of Orissa with the blessings of the state government, with little thought being given to the welfare of tribals who people these areas, 571 Accountable Audits The absurd and unworkable arrangement for audit and accounts, in particular the heavy concentration of work with the Comptroller and Auditor General, has destroyed accountability in government leading to fraud, corruption and wastage. 568 Vol XXXIII No 11 March 14,1998 Crisis of Political Leadership The striking contrast between India and Pakistan was the charisma, popular appeal and moral authority of individual Congress leaders and their extraordinary legitimacy in many parts of the country and among different sections of society. Today if the critique of the Gandhian and Nehruvian legacies carries weight and conviction, the responsibility rests primarily with the Congress Party. It has failed to harness its own ideological resources to mobilise the minorities, the backward castes and dalits, 585 FIls and the Economy Contrary to mainstream expectations, the entry of foreign portfolio investors has failed to invigorate the stock markets. There has been increased uncertainty and scepticism about stock markets and there is little indication that the entry of FIls will lead to economic development. 589 From Primary Care to Disease Control In defining the new strategy for achieving health for all for the 21st century, the WHO has entirely moved away from the primary health care approach and has instead advocated a consolidation of the abandoned vertical disease programme approach. Adopting such an approach in third world countries could lead to a farther deterioration of the public health care programme. 577 Founder-Editor: Sachin Chaudhuri People vs Planners 551 Andhra Pradesh: Open Verdict BhopaI Disaster: Anyone in Charge? Politics:

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