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" We have been mandated by the government, backed by legislation, that we have to have an inflation target of about 4%. "

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" Very few countries grow at high rate if inflation is high and volatile. I think, in a way, we are doing our bit to support a higher growth rate, but on a durable basis. "

" The lack of a consistent policy from major economies is the main source of volatility. "

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" I think that is a very important milestone in our economic history that the monetary policy is now determined through a committee process where there are both independent committee members and representation from the RBI. "

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" I think it is important that we should be on the side of keeping borders open with respect to trade and movement of factors of production. "

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" An owl is traditionally a symbol of wisdom, so we are neither doves nor hawks but owls, and we are vigilant when others are resting. "

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" Yes, 4% is the government-mandated target to the MPC. The plus/minus 2 percentage-point upper and lower bands are the tolerance levels specified by the government. If we breach those for three consecutive quarters, we need to inform the government of why that happened and what we propose to do to bring inflation within the two bands. "