BIS central bankers’ speeches  9  24. By November 2010, the Reserve Bank had raised the policy rate by 150–200 basis points on account of concerns about high and stubborn inflation. During this period, residential property prices had risen sharply and had attained the pre-crisis level.
The excess we have already felt is global warming due to a waste of production activity that is growing too fast compared to the Earth’s capacity to absorb it. The effects of such an excess for us in a developing country cannot be ignored. Global warming has triggered climate change that has recently disrupted our efforts to expedite economic growth.