32. a broad - based upturn is taking hold in bangladesh, drawing strength from the multispeed global recovery and robust domestic demand that has been supported by resilient workers ’ remittances and the fiscal stimulus. in fact, bangladesh has been adequately resilient to external shocks, particularly to the adverse impact of the recent world recession. despite these unfavorable conditions, its external position remains robust with sufficient foreign exchange reserves and positive current account balances. manufacturing returned to positive growth in the second half of 2009 – 10 and a rising trend in industrial imports is pointing to industrial activity firming up further. there are also lead indications that the decline in merchandise exports is bottoming out, with swelling order books in respect of textile and apparel exports which constitute more than three - fourths of total exports. the growing geographical diversification of export markets in favour of japan and china is offsetting sluggish demand in the traditional export markets of north america and europe. construction activity is buoyant, especially in urban areas, fuelled by remittances and surging real estate prices. service sector activity has also gained strength, especially in education, health, retailing and catering, and financial services. agricultural production lost some momentum in 2009 – 10 after the strong growth of 4. 6 percent in the preceding year. improved terms of trade for the farm sector, timely availability of inputs and credit should brighten the prospects for agriculture in 2010 – 11, barring unforeseen weather adversities. overall, real gdp growth is expected to be in the range of 5. 5 – 6. 0 percent in 2009 – 10 with an upside bias as against 5. 9 percent in the previous year, thus extending strong and stable economic growth over nearly one decade. inflation in terms of consumer prices has been on an easing path, retreating to 5. 1 percent in october 2009 from 6. 6 percent at the beginning of 2009 – 10. reflecting the hardening of international food and non food commodity prices, however, domestic prices have been firming in recent months and may edge up to around 6. 5 percent by june 2010. with domestic demand conditions remaining strong and with private sector credit and imports picking up, monetary and liquidity conditions have tightened. the inter - bank call money rate which went below one percent in july 2009 is now above four percent. on the other hand, public sector borrowing from the banking system has declined, freeing up resources for growing private sector activities

bimal jalan : india and globalisation speech by dr bimal jalan, governor of the reserve bank of india, at the thirty sixth convocation address of the indian statistical institute, kolkata, 15 january 2002. * * * this is a truly momentous occasion in the life of this institute, its students, its teachers, and its friends. let me begin by conveying my heartiest congratulations to the students who are receiving their degrees today. for all of them, it is a culmination of years of hard work, and a recognition of their high academic merit. all the teachers of this great institute, who have put in so much time and effort to make this day possible, also deserve our gratitude. i would like to specially welcome the parents of the students, who are present at this convocation. without some sacrifice and a good deal of support, successful completion of higher studies by young men and women, who are here today, would not have been possible. i am personally grateful to the president of the indian statistical institute, prof. m. g. k. menon and director, prof. k. b. sinha, for inviting me to be a part of this occasion. a scientist, a scholar and a public figure, prof. menon has led this institute with great distinction. he has been a source of inspiration for all those connected with isi and its teachers and students. it is a particular privilege and honour to deliver this address in his esteemed presence. on this important occasion, i would also like to pay homage to the memory of professor p. c. mahalanobis, founder of the isi and the builder of the modern statistical system in india. his technical contribution to the development of statistics as a science are fundamental and well known all over the world. what was even more remarkable, in a developing country context, was his desire to use statistical methods including sample surveys to understand and solve the problems of an underdeveloped economy, including low productivity agriculture. the high quality, the depth, and the breadth of research and teaching in statistics and other interrelated subjects at this institute are tributes to the vision of prof. mahalanobis and his confidence in our country ’ s future. while i am thankful for being here on this occasion, i am also a little daunted by the task of having to say something useful which may be of interest to this varied audience from so many different walks of life. after some reflection, i have chosen