MONEY & BANKING
What economic growth?
ECONOMIC growth has, without exception, been evaluated in terms of growth of domestic product at constant prices. This is also sets the pace for further development and growth of investment and consumption. The present economic scene and the future trend
s have been characterised by some pessimism. The pessimism, despite a more than 6.6 per cent annual average growth in 1995-96 to 1999-2000 and 6.4 per cent growth in 1999-2000, was due to a fall in GDP fall to 5.2 per cent in 2000-01. It is estimated tha
t industrial production declined to 2.2 per cent in 2001 first quarter from 6.1 per cent in the same quarter in 2000. Export growth fell sharply in this period.
IN YET ANOTHER of the annual ritualistic acts, the Centre has raised the minimum support price (MSP) for a number of kharif 2001 crops such as rice, pulses, coarse grains, oilseeds and cotton. The decision should be faulted for both the rate of increase
and the timing.
Terrorism versus liberalism
ORGANISED, state-supported, terrorism is probably the most serious danger to the functioning of free and open societies. We thought the 20th Century had won victories against the fundamentalisms of fascist, racist, imperialist and extremist and violence-
supporting communist ideologies, all of which were assaults on liberal societies, which have the co-existence of various sorts of individualistic, but pluralistic standpoints.
Passing of an era
ON THE day the massive -- and elegant -- World Trade Centre in New York was destroyed by terrorist activity, the EU External Relations Commissioner, Mr Chris Patten, made a pithy comment which seems to sum up in its entirety the impact of the event on th
e course of world history. Among other things, he said: ``This is one of those few days in life that one can actually say will change everything''.
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