Repo rates untouched, CRR hiked to 8.25%

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accords high priority to price stability, well-anchored inflation expectations and orderly conditions in financial markets while being conducive to continuation of the growth momentum.

* To respond swiftly on a continuing basis to the evolving constellation of adverse international developments and to the domestic situation impinging on inflation expectations, financial stability and growth momentum, with both conventional and unconventional measures, as appropriate.

* To emphasise credit quality as well as credit delivery, in particular, for employment-intensive sectors, while pursuing financial inclusion.

Growth Forecast:

* Expects 2008/09 growth of 8.0-8.5 percent.

Inflation Aim:

"The policy endeavour would be to bring down inflation from the current high level of above 7.0 per cent to around 5.5 per cent in 2008-09 with a preference for bringing it as close to 5.0 percent as soon as possible, recognising the evolving complexities in globally transmitted inflation."

Money Supply: Aims for 16.5-17.0 percent money supply growth in 2008/09.