This is the reward for introducing the facets of change that we needed, even when it was unpopular to do so. But in the end, it cannot be just the standards that have made a difference. Instead, we do recognize that the market has – to a large extent although not absolutely always – conducted itself in a prudent and professional manner.
BIS central bankers’ speeches  1  Growth in India has clearly slowed down since then to 6.5 per cent in 2011–12 and a likely 5.8 per cent in 2012–13, with significant downside risks. The twin deficits – fiscal and balance of payments – have compounded our problems.