In recognition of India’s evolving integration with the global economy and societal preferences in this regard, the resolve, going forward, would be to condition expectations in the range of 4.0-4.5 per cent so that an inflation rate of around 3.0 per cent  1  In India, the fiscal year is from April 1 to March 31.
BIS Review 144/2007  5  becomes a medium-term objective, consistent with India’s broader integration into the global economy. The Indian economy is confronted with some major challenges in the medium term.