•  In China and other emerging-market economies growth is expected to be solid, although there are growing concerns about financial vulnerabilities. •  Overall, global growth is expected to pick up to 3.3 per cent in 2014 and increase further to 3.7 per cent in 2015 and 2016 – largely unchanged from January.
In the context of upsurge in our reserves in recent years and the appreciating trend in the external value of the rupee, there has also been considerable domestic discussion of these issues. You will recall that the last time I had addressed your Association was in December 2000 - nearly 2½ years ago - on the occasion of the 21st Asia Pacific Forex Congress.