This will help in making the Indian growth process more inclusive and durable. The Approach Paper to the 11th Five year Plan suggests that growth target for industrial sector and manufacturing sector could be placed at 10 per cent and 12 per cent, respectively during the Plan period.
Therefore, although it is confirmed that interest rate policy is still the primary instrument of monetary policy, additional monetary policy tools are used by the ECB when necessary. Such tools are indications of the future direction of monetary policy, asset markets and longer-term refinancing operations.