It cannot be assumed that regulators and other economic policy makers will carry out their tasks without allowing themselves to be influenced by political considerations. And mostly, national governments will not cede their sovereignty or control of domestic economic affairs to an international body. That is a reality that should influence any thinking on the list of proposals to reform the international financial architecture.
Today, I propose to place before you an update on the outlook for the Indian economy in the light of developments since November 3, 2003. The structural reforms mentioned in Part-III of the Mid-Term Review will not be part of the presentation today, though they remain important in achieving the progress that we anticipate.