Moreover, compared with the December 2014 Eurosystem staff macroeconomic projections, the projections for real GDP growth in 2015 and 2016 have been revised upwards (Chart 3a), reflecting the favourable impact of significantly lower oil prices, the weaker effective exchange rate of the euro and the impact of the ECB’s asset purchase programme. Furthermore, credit dynamics also gradually improved.
In September 2013, we set up a Committee headed by Shri Nachiket Mor, on Comprehensive Financial Services for Small Businesses and Low-Income Households to look into the issues relating to financial inclusion.