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Joint Sector and 'Control' of Indian Monopoly
Economic and Political Weekly
Vol. 9, No. 23 (Jun. 8, 1974), pp. 906-916
Published by: Economic and Political Weekly
Stable URL: http://www.jstor.org/stable/4363716
Page Count: 11
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The Dutt Committee envisaged the joint sector as "an important means of curbing the increasing of economic power", but the Tatas and FICCI have welcomed the joint sector proposal. This is not surprising if it is recalled that when the 'socialistic pattern' was first announced in 1955, Bombay's stock market witnessed a boom. Since subsequent developments seem to have validated Dalal Street's judgment on the character of the 'socialistic pattern', it is pertinent to ask: Is the joint sector really an instrument of control of Indian monopoly? This paper seeks to answer this question. In Section I the author examines the meaning and evolution of the joint sector concept. As a background to finding out its real rationals, Section II illustrates the operation of industrial policy in post-1947 India in relation to the declared objective of reducing the concentration of economic power. In the concluding part the author deals with the nature of the recent capitalist crisis and the extent to which the joint sector is designed to meet the new problems of development of Indian monopoly.
Economic and Political Weekly © 1974 Economic and Political Weekly