As the Governor of the Reserve Bank in these exciting times, I owe an intellectual debt of gratitude to all the extraordinary men who led this great institution through several challenges, and made a mark in the economic history of India. Among the most distinguished of them is Dr. I.G. Patel. I am proud and privileged to be in the same lineage as him.
Today, it is widely assumed that the monetary easing during this period exacerbated the imbalances building up in housing and credit markets that ultimately triggered the crisis. The current outlook Where do we stand today? There are no deflationary risks. For the moment, both pillars in our analytical framework point to low inflationary pressures.