INDUSTRIAL GROWTH AND INCOME DISTRIBUTION 23 between 1949 and 1969, some caution is obviously called for while interpreting the data in table I. 7 For detailed calculations, see S L Shetty, op.cit., tables 4 and 5, pp 1870-74. 8 According to an official study, capacity utilization declined from 78 per cent in 1968-69 to 70 per cent in 1973-74 for the entire industrial sector; the steepest decline was in the consumer goods industries. (Financial Express 12 June 1975.) The liberal tax concessions in the central and state budgets during the past two years have been propelled by the anxiety to stimulate the demand for consumer durables. 8 As a proportion of net national product, public savings were respectively 2 per cent, 2.5, 2.2, 2.0, 1.3 and 1.7 per cent in 1968-69, 1969-70, 1970-71, 1971-72, 1972-73 and 1973-74 (Reserve Bank of India, Report on Currency and Finance, 1973-74, p 6.)