Although the share of agriculture in overall GDP has declined over the years from around 38 per cent in 1980-81 to less than 20 per cent in 2006-07, agriculture continues to play an important role in the Indian economy. The proportion of the population dependent upon agriculture remains large at almost 60 per cent.
*  *  *  I wish to welcome you to the launch of the Monetary Policy Statement for 2014, which is by now well-known to be the premier event for the Bank. The Statement informs stakeholders how one of the Bank’s key functions is discharged, and that is the formulation and implementation of monetary policy.