SUBBARAO: For India to come down from 9% to 7% is as difficult an adjustment to make as for the U.S. to come down from 2% to 0%, when your growth rate falls rapidly. What is our potential growth rate, noninflationary stable growth rate? We said before the crisis it was 8.5%. After the crisis, some studies showed it was about 8%.
The Bank's thinking behind monetary policy conduct  After having explained economic and price developments, I will lastly briefly refer to the Bank's conduct of monetary policy and the thinking behind it. I have explained the significant changes in the global economy since last year by summarizing the causes into two factors: the liquidity crisis and the balance sheet adjustments.