The following booklet titled “Two Alarming Phenomena” begins with an extract from the Presidential Address of Sir Homi Mody at the Twenty Fourth Annual General Meeting of the Employers’ Federation of India. The article begins by stating the two alarming phenomena, namely the stealthy encroachment of the state on economic realms and the belittling of the Free Enterprise Forum by government officials. The speaker further comments on the acute foreign exchange crisis alongside deficit financing due to increase in investment in the State sector, which would lead to fresh taxational impositions. The takeover of internal trading in the fields of cement and other commodities and curtailment of resources to free enterprise is deemed as excessive on the part of the State which hinders the progression of economic liberty. While Mr. Kirloskar highlights the hindrance this causes to risk ventures by individuals, Mr. Ramnivas comments on the necessity of better coordination between the Ministries of Finance, Industries and Agriculture. Greater market regulation of enterprise has been ardently advocated by the three speakers.