While retaining the stance of the monetary policy, the Reserve Bank has flagged the importance of financial stability in the First Quarter Review of the Annual Policy Statement issued on July 31, 2007.
According to the Central Statistical Organisation, during the first quarter of the financial year 2007-08 (April-June, 2007), the real GDP grew by 9.3 per cent on the back of 9.1 per cent in the last quarter of 2006-07 (January- March, 2007) and 9.6 per cent in the first quarter of the previous year (April-June, 2006).