Overall, real GDP growth is expected to be in the range of 5.5–6.0 percent in 2009–10 with an upside bias as against 5.9 percent in the previous year, thus extending strong and stable economic growth over nearly one decade.
In particular, there have been a number of significant upside price shocks caused by exogenous factors outside the realm of monetary policy. In 1999 and 2000, and again in the years from 2004 to 2007, there was a rapid increase in the world price of crude oil. In 2001 there was a sharp acceleration in food prices.