In our quarterly policy review at the end of January this year, the Reserve Bank cut the benchmark repo rate by 25 bps in response to the growth-inflation dynamics that I outlined earlier. Several analysts and commentators have questioned the wisdom and logic of monetary easing at a time when the CAD is rising.
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.