To put a rough number on these influences, simulations by the Board staff using our econometric model of the economy suggest that wealth generated in the equity markets over the past four years added about 1 percentage point to the growth rate of real GDP. Of late, equity markets have given up some of their gains.
We at the central Bank have a research programme and would like to cooperate with various institutions, including the NRI, INA, the universities and various specialised research organisations in conducting and providing applied research work to ensure that policy decisions finally get translated into real benefits for our people.