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

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From 50 Years Ago: Doctors Differ.

Editorial from Volume XII, No. 15, April 9, 1960.

Sir Homi Mody, speaking at the last annual general meeting of the Central Bank, said that the most disquieting feature in our economy was the persistently upward move-ment of the general price level.... Now from Sir Homi Mody, let us turn to Shri G D Birla. One would think, reading his speech at the annual general meeting of the United Com-mercial Bank, that we were in the best of all possible worlds! He was keen that efforts should not be relaxed so that India can ar-rive at a “take-off stage” in the quickest pos-sible time. Shri Birla welcomes Morarji’s budget as “almost, without qualification, a good one.” Obviously, therefore, no greater fiscal restraints were needed, nor monetary restraints either. For “it has not been established there is a link between created money and such rise in price as has obtained in this country”. “In a developing economy”, he said, “there will always be some areas of shortages and some of surpluses. Perhaps, it is the already increased prosperity of the ag-riculturist which, by enabling him to with-hold his stocks from the market for a longer time, has contributed to the higher level of prices particularly foodgrain prices”.

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