A “Volker” like disinflation was never on the cards in India, but an Urjit Patel glide path fits us very well, ensuring moderate growth even while we disinflate. Going forward, we will discuss an appropriate timeline with the government in which the economy should move to the centre of the medium term inflation band of 2–6%.
By February, our cumulative purchases under the bond purchase program will have amounted to $ billion. We will hold around 35 per cent of the Australian Government bonds on issue and 18 per cent of the state and territory bonds.