non - financial assets such as housing and gold. the important reform of flexible inflation targeting, helped by low oil prices and food supply management, has kept the headline inflation under control during the last 5 years, relative to the mpc ’ s mandated target ( chart 9 ). this way, two preconditions of macroeconomic stability – – stable growth and low inflation – – necessary for financialisation of savings and capital market development are now in place in india. chart 8 : trends in gdp growth in india note : gdp at constant prices with base year 2011 - 12 source : database of indian economy ( dbie ), reserve bank of india 2018 - 19 2017 - 18 2016 - 17 2015 - 16 2014 - 15 2013 - 14 2012 - 13 2011 - 12 2010 - 11 2009 - 10 2008 - 09 2007 - 08 6. 8 % 2006 - 07 2005 - 06 9. 00 % 7. 9 % 8. 00 % 7. 00 % 6. 00 % 5. 00 % 4. 00 % 3. 00 % 2. 00 % 1. 00 % 0. 00 % [ value ] % apr / 19 oct / 18 apr / 18 oct / 17 apr / 17 oct / 16 apr / 16 oct / 15 apr / 15 oct / 14 apr / 14 oct / 13 apr / 13 oct / 12 apr / 12 oct / 11 apr / 11 oct / 10 apr / 10 oct / 09 apr / 09 oct / 08 [ value ] % apr / 08 oct / 07 18. 0 16. 0 14. 0 12. 0 10. 0 8. 0 6. 6 % 6. 0 4. 0 2. 0 apr / 07 percent chart 9 : trends in inflation in india note : data till apr - 14 is based on industrial worker - general index with base year 2001 and thereafter new cpi - combined with 2012 as base year source : database of indian economy ( dbie ), reserve bank of india 3. 1. 2 promoting market autonomy a. rationalising regulatory guidelines and procedures in active coordination with the government and other financial market regulators, the reserve bank has undertaken a series of reforms and rationalisation of existing policies. these measures also seek to ensure financial stability and instil confidence among stakeholders. some important examples include : ( i ) liberalising the process for innovation of new products ; ( ii ) moving away from a prescriptive approach to a principle - based regulatory approach ; ( iii ) minimising interference in the market process by eschewing ad

sureyya serdengecti : falling inflation opening remarks by mr sureyya serdengecti, governor of the central bank of the republic of turkey, for the conference on " real sector and financial sector in the environment of falling inflation ", organised by the banks association of turkey, ankara, 28 september, 2004, and given at the monthly meeting of ankara chamber of commerce, ankara, 29 september 2004. * * * dear guests, in my speech today, i would like to dwell on the “ environment of “ falling inflation ”, its main impacts on economy both in other countries and turkey and finally, the significance of maintaining price stability for turkey ’ s economy. the achievements obtained on the inflation front in the last three years under the current program allow us to speak about falling inflation environment and permanent price stability. now, let me briefly review the point we have reached in the fight against inflation : cpi inflation, which was 68. 5 percent at the end of 2001, remained below the targets set in 2002 and 2003 and fortunately, it realized as 18. 4 percent at the end of 2003. in 2001 - 2003 period, the total decline in inflation exceeded 50 points. in august, cpi inflation fell to 10 percent thanks to the stability program, which was determinedly carried out in 2004, and the tight monetary and fiscal policies implemented within the framework of this program. looking at the cpi inflation today, i do not see any serious problem that would prevent us from reaching the 12 percent - cpi inflation target for 2004. however, despite the success attained in reducing inflation, i would like to underline the fact that we have not reached our final target yet. turkey is one of the very few countries where double - digit inflation prevails. as i have mentioned repeatedly both at the very beginning of the disinflation program and the point we reached today, our final target is to achieve and maintain price stability. now let me emphasize once more what price stability stands for. the well - known definition of price stability relates to the currently low inflation rate in one hand, and the expectation of economic agents that the ongoing decline in inflation will continue in the future. such an inflation rate is so low that people do not need to take it into account in their investment, consumption and saving decisions. at the point we have reached in inflation, it is clear that our economy is surviving from chronic inflation. however, i would like to draw your attention to the fact that we have not fully maintained