Nor would a pickup necessarily be inflationary, given the very good growth in labor productivity that we have experienced in recent years.
We are happy that two ISI Directors – Prof. Bimal Roy and Prof. B. L. S. Prakasa Rao – are here with us today. Prof. Mahalanobis studied and spent his early years in Cambridge. We are delighted that Prof. Smith, a leading econometrician from Cambridge is with us today.