Fourth, the Department is involved in various data gap and statistical measurement issues through its participation in various committees within and outside the RBI. One particular issue, that has received renewed attention across the globe in view of the complexity of inflation dynamics, is measurement of prices – commodity prices, consumer prices and asset prices.
When we decided to start this strategy – which I call the “competitive disinflation strategy” – in 19821983 it was a very moving moment. I experienced also very tense moments in the 80’s and the 90’s as president of the Paris Club for rescheduling the debts of the developing and emerging countries.