138 SOCIAL SCIENTIST 1 See the Annual Report on the Trend and Progress of Banking in India, 1975-76, Reserve Bank of India, Bombay. This figure may appear to be rather an erroneously low estimate as it is below the rate of growth observed for both industry as well as agriculture. The industrial growth rate quoted in the text however is an end-year to end-year estimate, and not the growth rate between the yearly averages. This latter figure which is relevant for computing the national income growth rate works out to only 5.7 per cent. 2 Unless otherwise stated, the statistics are either taken or computed from official sources like the RBI Bulletin, and Economic Survey. 3 The index number of industrial output for September 1976 was 127.7 compared to 120.2 in The September 1975. For the index number for September 1976, see The Economic Times 30 December 1976. 4 See The Economic Times, 19 October 1976. 5 See The Economic Times, 26 October 1976. 6 Sec Economic and Political Weekly, 28 August 1976. 7 See Economic and Political Weekly, 9 October 1976. 8 See The Economic Times, 14 December 1976. 9 See The Economic Times, 24 December 1976. 10 Ibid. 11 Drought is officially admitted in at least three states — Karnataka, Madhya Pradcsh and Orissa. In addition, there have been reports o^ smaller crops this year from West Bengal, Andhra Pradesh (due to the recent cyclone ) and Tamil Nadu. 12 See in this context, Y Sitaram, ^Interstate Variations in the Growth of Agricultural Output in Recent Years" forthcoming in the Economic and Political Weekly. 13 See, Ashok Mitra, ^Current Crisis, Planning and Growth" Social Scientist 30-31. 14 See Ashok Mitra, Terms of Trade and Class Relations, (1975, mimeo) unpublished, where it is forcefully argued that the landlord class, through the intervention of the state, has managed to secure more rapid increases in prices than what a simple supply-demand situation might have warranted. 15 See, in this context, SKR and AS, "Growth Round the Corner?" Economic and Political Weekly, 20 December 1975; and Prabhat Patnaik, SK Rao and Amal Sanyal, "The Inflationary Process: Some Theoretical Comments" in Economic and Political Weekly, 23 October 1976. ^ Sec SKR and AS, op.cit. 17 See the editorial in Economic and Political Weekly, 18 December 1976. 18 Sec, for example, Decpan Nayyar, "India's Export Performance in the 1970s", Economic and Political Weekly, 15 May 1976. 19 Most of the growth in the export of cashew kernel in the recent period seems to be in terms of value only.