While this is a positive development, it has come about as imports contracted in face of growth slowdown and some benefits accrued from exchange rate pass-through from rupee depreciation in 2011–12 and in the first quarter this year.
Gursharan Kaur, who has accompanied the Prime Minister, and the Reserve Bank’s former Governors and Deputy Governors and their graceful spouses. 3. And of course, a big and hearty welcome to all our guests – our colleagues in the financial sector, our friends and well wishers, and our former and current staff, all gathered here today to celebrate with us.