I am delighted to accept this prize and see it as supporting not only my work but, above all, that of the Deutsche Bundesbank and its staff, fully aware that the Bank’s opinion is not shared in all quarters. The Bank has recently been referred to as the centre of the most dogmatic neo-liberal thinking in Europe.
The current account of the balance of payment also showed a remarkable improvement and the period was marked by India starting to reap the gains from globalization. Yet, the industrial growth disappointed during this period and averaged 5.7% in this period; lower than the 6.4% recorded in the preceding decade, as the mining, registered manufacturing and electricity growth decelerated.