2 SOCIAL SCIENTIST domestic and foreign monopolists to operate in the Indian economy, a reduction in the weight of the public sector, promotion of luxury consumption by a narrow upper statum through appropriate fiscal measures, provision of "incentives" to private capital through corporate tax-redurtion, and above all, liberalisation of imports of a whole range of commodities : Such are the hall-marks ot the new economic policy, The catchword through which all this is justified is "efficiency"; by achieving "efficiency", it is suggested, India can break into the international market, so that burgeoning exports can stimulate, or at least sustain, higher growth rate in the economy, whose "trickle-down" effect would ultimately benefit the masses to an extent belied by the apparent inegalitarianism of the economic strategy. The consequences for the economy of this new policy, which has been coming for some time but is now finally upon us, are going to be serious and it needs to be examined thoroughly', a task which Social Scientist proposes to address itself to. For a start, we publish in this issue an article by Aditya Bhattacharya which not only discusses the recent export-import policy, but also provides a critical overview of the arguments usually adduced in favour of a "liberal" trade regime. We hope to follow this up with other articles discussing the different aspects of the new policy. For a long time now we have had the idea of having a few distinguided regular columnists contributing columns at fixed intervals in Social Scientist. We may at long last be close to realising this idea with Amiya Bagchi, the distinguished economist who recently joined our editorial board, having agreed, on a tentative and experimental basis, to start such a column. His first contribution appears in the current number. It is with profound grief and sorrow that we inform the readers of the passing away on April 20, 1985, ofMJ.K. Thavaraj, member of our editorial board and Professor of Financial Administration, Indian Institute of Public administration, New Delhi. ProfessorThavarafspassing away represents a severe loss for the entire progressive academic community in the country; for Social Scientist, with which he was associated from its very inception, it is a crippling loss. We would be carrying an obituary on Professor Thavaraj in our next issue, and would, subsequently, be bringing out a special number of the journal in his memory. Editor