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Shorthand Dictation 80 Words per minute with outline, 5 Minute Test 7

7In the past year and more so the year before that, our economic growth performance was somewhat unsatisfactory chiefly due to the vagaries of the capricious monsoons. It is imperative for us now to raise the rate of growth of the economy in the coming year in order to achieve a conditions, it is certainly not enough to achieve a higher level of national income if the vast majority of the higher level of national income if the vast majority of the people of this country continue to live in abject poverty. Persistence of glaring inequalities in neither poverty. Persistence of glaring inequalities in neither conductive to political stability nor to social welfare.

For achieving these three main objectives of economic and social policy, we have placed considerable reliance in the past on the traditional instruments of monetary and fiscal policies. Thus the achievement of economic growth has been the chief purpose of increased investments both in the public and private sectors. We have sought to control price inflation through anti inflationary measures such as c control of deficit financing higher interest rates, and a stricter credit policy.

However, while we have been moderately successful in the pursuit of these goals, a great deal of our social and political philosophy must be done it is in this context that prices and income policy plays an important role. Wages and salaries together constitute the totality of fixed incomes in a society. And as you know very well inflation invariably affects the fixed income earners adversely and the share of non wage incomes in national income tends to increase at the expense of wage incomes.

Thus the process of economic growth is usually accompanied by both growth of employment and some degree of inflation. These contrary forces act and reactant which way the balance is titles depends upon the relative strength of the two forces. The result is not always the most national nor the most desirable.

In this situation incomes policy can lay an effective role. This policy, resorted to fairly extensively into the western countries in the post world War II period, aims primarily at keeping the growth of private consumption within the limits of the growth of aggregate real output. Various devices are used in different countries, all of which can be broadly described as constituting an incomes policy.  

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