•It is too early I believe to take a call on inflation, however, I do have some sense of satisfaction in moderation of the WPI numbers. If you look at the month-on-month figures, you will see that the momentum of inflation is coming down. We have seen in the last few weeks, it coming down.

• So my short answer is we are seeing some moderation, although I am not sure that we can see a discernible trend."

On interest rates

• I have been asked whether monetary policy will be tightened further. There are, as they say, several known unknowns. First, we will have to watch the impact of the measures already taken.

• Second, we will be watching the drivers of demand – in particular which sectors are triggering the growth in demand.

•Third, in a globalised world, we will also have to be watching developments around the world and make an assessment of their potential impact on our economic management.

On economic growth

The engines of growth are still on track. The recent moderation is only a cyclical down-turn. The structural India growth story is still intact and credible.

On monetary tightening

First, we will have to watch the impact of the measures already taken. Second, we will be watching the drivers of demand - in particular which sectors are triggering the growth in demand. Third, in a globalised world, we will also have to be watching developments around the world and make an assessment of their potential impact on our economic management. All I can say is that we will be monitoring the situation closely and continuously.

On financial sector

Financial sector reforms are not an end in themselves. They have meaning and relevance only if they are anchored in real sector objectives. Reforms should promote inclusive growth through efficient and easily accessible financial services. Real sector reforms should be given priority over financial sector reforms.