I have two reasons for making the second disclaimer. First, in some circumstances, the appropriate near-term path for policy rates can be highly uncertain and may well evolve right up until the time of the meeting, depending on the implications of the incoming data.
The objective is to meet the targets under the Fiscal Responsibility Act by 2008-09. The average current account deficit since 1950-51 has been around one per cent of the GDP. During this period, except for 11 years when there was marginal surplus in the current account, we had modest deficit during the rest of the years.