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Mid-term Review of Monetary and Credit Policy for the year 2003-04

Overall Assessment

· Improved macroeconomic environment with positive outlook on both the domestic and external fronts.

· Gains from lower inflationary expectations in the recent years need to be consolidated and reinforced.

· Improved investment climate to help in revival of investment demand.

· Financial market sentiments stronger, but there is need for monitoring and providing for unforeseen contingencies.

· Health of the financial sector continues to improve despite concerns with regard to a segment of financial institutions.

· Signs of pick-up in non-food credit since August 2003.

· Need to nurture conducive credit culture among financial intermediaries, corporates and households.

· Credible actions required to address rigidity in lending rates and to improve quality of financial services.

· Virtual elimination of binding forex constraints imparts strength to the economic management and accords comfort to the conduct of public policy.

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