This is not motivated by a puritan disdain for debt, or a desire to target some “correct” level of house prices, nor by concerns about pressure on CPI inflation over the short term.
Duvvuri Subbarao: Emerging market concerns – an Indian perspective Remarks by Mr Duvvuri Subbarao, Governor of the Reserve Bank of India, at the G-30 International Banking Seminar, organized on the occasion of the IMF-World Bank Annual Meetings 2009, Istanbul, 5 October 2009.