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Annual Monetary and Credit Policy for the year 2004-2005

Overall Assessment

1. Despite uncertainties, India’s position among the top performers globally in terms of GDP growth is expected to continue during 2004-05.

2. As regards prices, despite overhang of problems on account of oil prices and large domestic liquidity, price situation unlikely to cause concern to macro stability during 2004-05.

3. Need to overcome the bottlenecks in flow of bank credit to agriculture and small & medium enterprises emphasised.

4. Restructuring of rural banking sector stressed for enhancing the quality, purposiveness and reach of banking in India.

5. Whereas the Reserve Bank will continue to provide a policy environment that avoids excessive and destabilizing volatility as a public good, market participants were urged to take into account the portfolio risks arising from any unexpected developments and provide adequately for them.

6. The outlook for the external sector accords comfort to the conduct of public policies.

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