For monetary policy, this has meant keeping a close eye on inflation and allowing the exchange rate to remain broadly market-determined. You are quite familiar with our approach to keeping economic prices stable and the factors that we consider in policy formulation. You therefore also know that we put a premium on communicating our policy actions.
In fact, over the period 1960 to the late 1980s, India’s GDP in US dollar terms doubled every nine years, on an average. Since then, the period for doubling has declined to around 5 years, coinciding with the initiation of wide-ranging structural reforms.