optimisation of statistical risks, and focus on the risks that can ’ t be quantified, the uncertainties that can ’ t be anticipated well in advance. asking ourselves that question on a regular basis, that ’ s the responsibility of boards and management, and i ’ m glad to see how leading global banks are taking this very seriously, and drawing lessons from this crisis. i wanted too to thank citigroup for doing what you ’ ve done together with us in singapore. you ’ ve grown – almost ten thousand people now. in fact, just in the last three years, you ’ ve grown your employees by 30 % in singapore, with the bulk of that growth being jobs for locals, good jobs for locals. you ’ re taking advantage of asia ’ s continuing growth and emergence, and in doing so, you ’ re also fortifying singapore ’ s role as a regional and global financial centre. i think we ’ ll do well with our partnership for the future, and we ’ ll all do well if we stay focused on that culture of responsibility. as someone put it in the video just now, it ’ s all about wanting to do something meaningful in our lives. bis central bankers ’ speeches

driven largely by manufacturing and agriculture sectors. on the expenditure side, growth was led by both private and government consumption expenditure as investment growth moderated. productivity growth has slackened as reflected in increase in icor to 4. 8 from 3. 9 in the pre - crisis period. domestic saving has moderated driven by significant fall in public sector saving as government revenue deficit increased. more worrying has been a sharp deterioration in household saving in financial assets. while full saving estimates for 2011 – 12 are not available, preliminary estimates suggest that household financial saving has plummeted to 7. 8 per cent of gdp in 2011 – 12 from an already low of 9. 3 per cent in 2010 – 11 as compared with an average of 11. 6 per cent in the high growth phase. in an inflationary environment, households have tried to protect their real value of consumption by dipping into their saving. moreover, increasing household preference for gold has also dented financial saving. the saving - investment gap has widened which was filled through greater recourse to foreign saving. this was reflected in the widening of the current account deficit ( cad ) to 3. 0 per cent of gdp during 2008 – 12 from 0. 3 per cent during the high growth phase. in fact, the cad was record high at 4. 2 per cent of gdp in 2011 – 12. the sharp increase in imports of gold and crude oil – the latter reflecting in parts increase in global prices and incomplete domestic price pass - through – largely contributed to the deterioration in cad. as much of the gold demand is met through imports, this not only created leakages from the banking system but also contributed to the widening of the cad subbarao, d. ( 2009 ), “ impact of the global financial crisis on india : collateral damage and response ”, speech delivered at the symposium on “ the global economic crisis and challenges for the asian economy in a changing world ” organised by the institute for international monetary affairs, tokyo, february 18. mohanty, deepak ( 2009 ), “ global financial crisis and monetary policy response in india ”, rbi bulletin, december. bis central bankers ’ speeches beyond the sustainable level of around 2. 5 per cent of gdp. 5 with net capital flows turning insufficient to finance cad, there was a drawdown of reserves during crisis years – 2008 – 09 and 2011 – 12. reflecting these developments, there was deterioration in external vulnerability indicators : ratio of short term debt to total debt increased and import cover of reserves fell.