additional 150 staff this year, bringing our staff numbers to about 1650. as we expand, we will begin the move to our new headquarters on north wall quay at the end of 2016. the layout of the new building has been designed to promote a collaborative working environment, which will facilitate the teamwork that is so critical to the delivery of the bank ’ s multi - faceted mandate. in parallel, we expect to complete the design of new organisational and reward models in the next few months. a greater level of openness about how the bank conducts its activities can help improve the level of public trust in our organisation : we believe that people will be more confident that we act independently and in the public interest if they have greater insights and understanding about what is going on inside the bank. to this end, we have recently announced plans to publish the minutes of the meetings of the central bank commission. while information on the supervision of regulated firms and market - sensitive financial operations activities cannot be disclosed, the publication of these minutes should contribute to greater understanding of our corporate governance, internal debates and the initiatives we take to deliver on our mission. second, we have also released data on our salary structures and pay scales, which will be updated on an annual basis. furthermore, by providing greater details on our human resources policies, we aim to enhance understanding about the central bank as a public organisation and prospective employer. in summary, during my tenure as governor, my aim is to build on the progress that has been achieved in recent years in recasting the central bank as an efficient and effective central bank and financial regulator. the staff of the central bank can be proud of these achievements, which were recently recognised by our international peers through the central bank of the year award from centralbanking. com and the central banking journal. peer reviews provide another important benchmark for our performance : an independent assessment of five recent external peer reviews of the central bank ’ s regulatory functions is available on our website and recognises the central bank ’ s consistent adherence to the highest international standards over the last several years. bis central bankers ’ speeches

large investment projects in the areas of power, petroleum and gas, roads, coal, etc. the government has also set up the project monitoring group in the cabinet secretariat for monitoring the implementation of these highvalue projects. 34. a high level committee on manufacturing, headed by the pm, has been created for monitoring the implementation of the national manufacturing policy. the government also proposes to set up an independent regulatory authority for the coal sector and has proposed chakrabarty, k. c. ( 2013 ), “ productivity trends in indian banking in the post reform period – experience, issues and future challenges ”, september available at http : / / rbi. org. in / scripts / bs _ viewbulletin. aspx? id = 14410. bis central bankers ’ speeches changes in the natural gas pricing policy. the government has also liberalised fdi norms in some more sectors including petroleum and natural gas refining, single brand retail trading, basic and cellular services, asset reconstruction companies, etc. 35. towards creating economic space, the finance minister, in union budget 2013 – 14, sought to reduce the fiscal deficit to 4. 8 per cent of gdp in 2013 – 14 from 5. 2 per cent in the previous year. the budget also proposed to carry forward the initiatives to boost infrastructure investment, including encouraging infrastructure debt funds, credit enhancement via iifcl - adb to infrastructure companies that may access the bond market, increase in the aggregate ceiling of issuance of tax - free bonds to rs. 50, 000 crore in 2013 – 14, setting up a regulatory authority for the road sector to address issues such as financial stress, enhanced construction risk and contract management. furthermore, in order to attract new investment and to quicken the implementation of projects, an investment allowance for new high value investments was introduced. this is expected to provide enormous spill - over benefits to small and medium enterprises. 36. to reduce the cad to sustainable levels, the reserve bank and government of india have taken various policy measures including, inter alia, ( i ) an increase in the customs duty on gold, ( ii ) instructions to all nominated banks / nominated agencies to ensure that at least one fifth of every lot of import of gold ( in any form / purity including import of gold coins / dore ) is exclusively made available for the purpose of export and ( iii ) issuance of inflation linked bonds to wean away investors from gold to other savings instruments. 37. the prime minister ’ s office