<b>Credit Policy</b>: GDP growth 8.5%, inflation 5%

 In view of the persisting high levels of the price of the Indian crude basket,
some pass-through to domestic petroleum product prices appears reasonable. A key issue going forward in this regard is the timing of the pass-through in the context of the expected path of headline inflation. The policy resolve going forward should be to consolidate the success in lowering inflation on an enduring basis so that an environment of stability prevails to nurture and protect the transition to higher growth. There are indications that the public