The annual policy statement for the current year reiterates the concern for common person, while enunciating a medium term framework, for development of money, forex and government securities markets; for enhancing credit flow to agriculture and small industry; for action points in technology and payments systems; for institutional reform in co-operative banking, non-banking financial companies and regional rural banks; and, for ensuring availability of quality services to all sections of the population.
In the event of a sharper slowdown, it is important that the slack is taken up by the Euro area and Japan, so that global growth remains buoyant. Growth projections indicate that Euro area growth would revert to its potential level, which remains comparatively low.