"...We must also recognise that inflation was about 10 per cent. It has come down from double-digit level to 7.5 per cent. We should acknowledge that inflation has come down. We need to bring it down further. We will take into account as we go into our October 30 policy," the RBI chief told reporters here.
Stating that RBI will make an assessment of the growth of inflation, the external sector situation and also the fiscal outlook in its monetary policy, he said "efforts will be to rein in inflation and support growth to the extent possible."
On the economic growth rate, Subbarao said the RBI's projection for the current fiscal (2012-2013) is 6.5 per cent.
"That was the assessment we made in July. If and when we revisit that number and revise the number, we will let you know. But I do note that number of agencies within and outside the country have revised their growth numbers taking into account developments in the last two months."