Credit to the private sector increased by 22 per cent during the fiscal year 2007/08, compared with 12 per cent last year: Broad money supply expanded by a hefty 17 per cent, as against an increase of 8.6 per cent in the fiscal year 2006/07.
Headline inflation has climbed to 9.1 per cent in July 2008, while the year-onyear inflation, has crossed into double digits to stand at 11.5 per cent at the end of July 2008. How I wish I had been wrong when I forecast precisely this kind of outcome two months ago!