Let me be very brief and say that I have always been inspired by his vision and guidance. I am grateful to him for the continued trust in me. I have known Montek for about twenty-five years and had worked with him closely for sometime during the reform period. One is inevitably impressed with his sharp intellect and admirable articulation.
Given the sluggish performance of labour productivity, this high real wage growth likely reflects the downward surprises to headline inflation. In the absence of higher labour productivity growth, these recent increases in real wages are unsustainable in the long run.