Also, it should be noted that various ongoing changes in the market environment since the global financial crisis have necessitated futures markets such as stock futures and commodity futures to undergo new transformations. Let me elaborate on new trends in futures markets and the challenges brought about by those trends.
In the 1970s, the average annual inflation rate as measured by the wholesale price index was nine per cent. In the 1980s, it was eight per cent. However, in the period between 1990 and 1995, the average inflation rate has remained around 10 per cent. The objective of the policy should be to keep the inflation rate around six per cent.