As far as financial stability report is concerned, it is heartening to note that Report on Trend and Progress of Banking in India, 2003-04 has introduced a chapter on this topic.
They put these losses at a total of € billion for this year alone, which corresponds to just under 2% of GDP2 In other words, flagging economic activity is mainly being driven by external influences. Our forceful monetary policy measures are designed to ensure that high inflation does not become entrenched. And that is necessary.