INDUSTRIAL DEVELOPMENT 19 7 SeeJ Bhagwati and P Desai, India: Planning/or Industrialization, Oxford 1 970. 8 R K Hazari and A N Oza, "Public Sector in India," E A G Robinson and M Kidrone (ed) Economic Development in South Asia, London 1970. 9 T K Kolayudham, "Financing Public Sector Investment with Special Reference to the Role of Domestic Borrowing and Small Saving: Case Study of India," ECAFE Bulletin, September 1968; see also ECAFE Bulletin, December 1969. 10 Reports on Currency and Finance, Reserve Bank of India, Bombay. 11 Calculated from Economic Survey 1977-78, Govt of India. 12 Calculated from RBI and Company Law Board data by P Patnaik, Private Corporate Industrial Investment in India 1947-61, Ch IV. D Phil, thesis submitted to the University of Oxford in 1973. n N K Chandra's estimates given in "Western Imperialism and India Today," Economic and Political Weekly Annual Number 1973, appear to be rather on the high side. The 40 percent figure in the text is arrived at by considering all branches, subsidiaries and minority ventures but excluding pure technical collaboration cases. v 14 The classic case of transfer pricing was of course by the oil companies which in the 1950's took out annually in this way an amount approximately equal to 10 percent of the export earnings. See M Tanzer, Political Economy of International Oil Companies and the Underdeveloped Countries, London 1969. lr) These figures were given by Labour Minister Ravindra Varma to the Rajya Sabha on July 28, 1978. The other figures cited in^the text are taken from Economic Survey 1977-78. 16 Daniel and Alice Thorner, "The Twentieth Century Trend in Employment in Manufacture in India - A< Illustrated by the Case of West Bengal" in C R Rao ed Essays on Econometrics aud Planning (Pergamon^ in Honour of P C Mahalanobis. 17 Govt of India, Report of th" National Commission on Labour Delhi, 1969, Table 14.2, p 188. lfi These figures are taken fromj Bhagwati and P Desai, op. cit., p 80. 19 A K Bagchi, "Some Characteristics of Industrial Growth in India," Economic and Political Weekly, Annual Number 1975. w "Trends in. Employment Growth in the Factory Sector in India 1951-1968," RBI Bulletin, July 1971. 21 S Ishikawa, Economic Development in Asian Perspective, Tokyo 1971. 22 Ashok Mitra, Terms of Trade and Class Relations, London 1977; S Chakravarty, "Some Reflections on the Growth Process of the Indian Economy," Indian Left Review, June 1974. 2 Sec for example S N Dalal and A Lahiri, "Some Observations on Industrial Investment in India with Special Reference to the Private Corporate Sector," presented to the seminar 01 Indian Industrialization at the Centre for the Study of Social Sciences, Calcutta in December 1977. 24 Mitra, op. cit., Chakravarty op. cit. 2a This argument is spelt out in greater detail in P Patnaik, "An Explanatory Hypothesis on Industrial Stagnation," paper presented to the seminar on Industrialization held at the Centre for the Study of Social Sciences, Calcutta in December 1977. 28 T N Srinivasan and N S S Narayanan, "Economic Performance Since the Third Plan and Its Implications for Policy," Economic and Political Weekly, Annual Number 1977.