I thought it may be useful to give our perspective so as to inform public debate on important monetary policy issues. Everyone is now agreed that the way forward on this crisis at the present time is too uncertain. Even today, it is not possible to clearly see the path of the crisis and its resolution over the coming months.
It is just not possible to have a precise road map all laid out to be unleashed in one go. This crisis does not allow us that luxury. And, mind you, India is not unique in this respect. Almost every country, whether or not directly affected, is having to manage under uncertainty. There are simply too many unknown unknowns.