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FY2009-10
risk of inflation had abated and was aimed at accelerating the Indian economy which had slowed down post global slowdown in 1st and 2nd quarter of 2009 , though actual impact was felt in 3rd quarter of 2009
2009-10 at 4%. The cash reserve ratio was increased by 75 basis points from 5.0 to 5.75 to absorb excess liquidity of Rs.36000 crores from the market in the 3rd quarter of 2009-10. GDP growth accelerated from 6.1 per cent in Q1 to 7.9 per cent in Q2 due to revival in industrial growth, pick-up in services sector growth and Sixth Pay Commission Award. Repo rate was cut back by 25 bps to 4.75% and the Reverse Repo rate too was marked by a similar reduction to stand at 3.25% starting 1st quarter 2009-10. The CRRwas kept unchanged at 5% while the SLR was maintained at 24%. The Bank Rate kept unchanged at 6% throughout the fiscal.
FY 2010-2011
ensure growth wasnt thwarted. With rising oil prices , esp. due to the Libyan Crisis and rising prices of food articles, inflation had exacerbated, especially after the 2nd quarter. Hence, it was necessary to tame inflation. Despite the increase in the policy rates by 75 basis points cumulatively, real policy rates are not consistent with the strong growth that the economy is now witnessing.
Inflation: Rise in fuel prices is at present causing inflation to remain sticky. Indias fuel price index
has galloped to 12.79% (in the year to March 5, 2011) as coking coal prices jumped from 9.48% a week earlier.
GDP: The recent release of GDP growth estimates of 8.6% by the CSO (Central Statistical
Organisation), which was also indicated by the following: Indias Purchasing Managers Index (PMI) Direct and indirect tax collections Increase in merchandise exports Increase in bank credit
The year saw GDP Growth on Projected tracks, but High Inflation due to rising crude prices are still troubling the RBI to maintain a stable Financial environment.
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