During this period, we have witnessed only one serious balance of payments crisis triggered largely by the Gulf war in the early 1990s. The Indian economy, in the later years, could successfully avoid any adverse contagion impact of shocks from the East Asian crisis, the Russian crisis during 1997-98, sanction-like-situation in post-Pokhran scenario, and the border conflict during May-June 1999.
But beyond this, inflation pressures remain subdued and are likely to remain so. For inflation to be sustainably in the 2–3 per cent range, wage increases will need to be materially higher than they have been recently. Partly for the reasons I talked about earlier, this still seems some way off. Thank you for listening. I look forward to your questions.