*  *  *  Mr. Kanwar, Mr. Kiefer, and distinguished participants in the conference, I am indeed privileged to be invited to inaugurate this conference and especially so, as this is the first time that the International Chamber of Commerce Banking Commission Meeting is taking place in India.
I have come to learn that this concept is known among economists as state and shock dependence of the optimal policy response. And the optimal calibration of the monetary policy compound to maintain price stability is equally dependent on the external factors that have an impact on the economy.