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

Stance of Monetary Policy

· Expectations of higher GDP growth, benign inflation outlook, subdued growth in money supply and stronger capital flows prompt continuation with the overall stance of monetary policy announced in April 2003.

· The stance of monetary policy continues to be provision of adequate liquidity to meet credit growth and support investment demand with a vigil on the price level with preference for soft and flexible interest rate environment.

· Continuance of measures with an accent on implementation with the objective of facilitating ease of transactions by the common persons.

· Support economic growth consistent with stability by strengthening of institutional capacity through a consultative process in the medium-term.

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