In brief, I would like to submit that the monetary policy stance set out earlier in April 2003, has served us well so far.
In fact, growth in GDP for 2003-04 which was estimated at 6 to 6.5 per cent at the beginning of the year, now appears to be around 7.0 per cent with an upward bias; while inflation which then was assumed to be in the range of 5.0 to 5.5 per cent may now be in the range of 4.0 to 4.5 per cent.