Growth in all the sub-sectors of the economy, including agriculture, accelerated during this period. However, this growth process was interrupted by the global financial crisis. Subsequently, the average growth slowed down to 7.8 per cent during 2009–11 with a noticeable slow down in both agriculture and industry.
Competitiveness and the exchange rate One of the main themes of today’s discussions is that of competitiveness. Competitiveness has a number of different dimensions, one of which is the exchange rate, and it is perhaps appropriate for me to say a few words about this, as the exchange rate is of course also of importance from a monetary policy perspective.