As I will document further, among the changes that we have gone through in the last decade and a half, a key transformation is the increasing openness of the Indian economy. Within that, our economic relationships with the rest of Asia are also intensifying through sustained expansion in trade and hence in financial relationships as well.
Given the emerging economic demographics in the world, and the shifting economic weight towards Asia, we are very conscious of the need for increasing integration in Asia and how our own role will evolve in the coming years. Each of the Asian countries has experienced significant changes in the operation of monetary policy in an open economy framework in recent years.