The monetary tightening and easing phase corresponds respectively to increase in sectoral capital and provisioning requirements (build up phase) and easing of these requirements (release phase). The period wise classification from this perspective is: – (i) Build-up phase: September 2004–August 2008, (ii) Release Phase: October 2008–April 2009, and  BIS central bankers’ speeches  5  (iii) Re-build-up phase: October 2009 till date.
It may be noted that the monetary and countercyclical measures have always been in the same direction i.e. have been complementary so far. Build-up phase: (September 2004–August 2008) 15. During 2004–08, the Indian economy exhibited high real GDP growth, of around 9 per cent per annum.