Shri V Leeladhar: Indian banking – the challenges ahead Text of the Third Natarajan Memorial Lecture delivered by Shri V Leeladhar, Deputy Governor, Reserve Bank of India, Chennai, 14 November 2005. *  *  *  I deem it an honour to have been invited to deliver this year’s G Natarajan memorial lecture.
As we see subsequent rounds of crop estimates, the deficiency of about 10 per cent in case of food grains and oilseeds is likely to be reduced, thus providing a further silver lining. India grew at a rapid pace with an average growth of 8.7 per cent during 2003–04 to 2007–08 essentially because investment boomed, especially in infrastructure such as power, roads and telecom.