We, therefore, need a renewed focus on assessing cyclical conditions through leading indicators, including supportive research on macroeconomic linkages, time series and seasonal adjustment, business cycle analysis, short-term business indicators, sensitivity analysis, and detailed analysis of quarterly results of the financial and non-financial companies to assess the impact on the real sector.
The slew of surveys initiated by the Reserve Bank over the past few years have been very helpful and these would have to be further expanded/strengthened as warranted. (iv)  Financial soundness indicators  The global financial crisis has brought into focus the importance of targeting financial stability as an explicit variable.