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April 19, 2001
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RBI hints at easier monetary stance

The Reserve Bank of India on Thursday hinted at an easier monetary stance to revive sluggish economic activity.

"There may be compelling conditions in the current period to ease the policy stance in the interest of growth," the RBI said in its review of the macro-economic and monetary developments in 2000/01 (April-March) released as part of its monetary policy for the current year.

It said growth and employment were as important as inflation and financial stability for policy decisions.

India's economy slowed in 2000/01, with GDP growth estimated at 6.0 per cent against the previous year's 6.4 per cent.

Besides flat agricultural output and a sluggish manufacturing sector, the country now faces the threat of exports slowing due to depressed global demand.

The RBI has cut rates twice since February, bringing the key bank rate down by 100 basis points to seven per cent.

Monetary & Credit Policy 2001-2002 (First Half)

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