We believe in two-way communication for informed policy decisions. With this objective, we hold detailed interactions with analysts, economists, researchers, banks, academic bodies and  research institutions,  trade  and industry  associations, and several others. We have followed this approach not only for the much-publicised monetary policy actions but also for other policies.
We also recognise that communication needs to be backed by commensurate actions to build credibility and instil wider confidence in our policies. We explain the rationale of our actions in the best traditions of accountability and transparency, the hallmark of a modern market-based approach to monetary policy making. 16.