*  *  *  First of all, I would like to express my sincere gratitude to the hosts for inviting me to the Lujiazui Forum and especially to this panel on financial reforms. I am particularly delighted to be given the opportunity to discuss the pressing issue of financial reform, which will shape the future landscape of the global economy.
The RBI’s latest survey of January 2022 shows that households’ inflation expectations have moderated by 170–190 basis points three months ahead and a year ahead, respectively. Accordingly, in February 2022, the RBI projected inflation to ease to around 4 per cent by the third quarter of 2022–23.