Today is the RBI Annual Policy Review for the year 2007-08. For the uninitiated in this review RBI officials take a view on the economy and decide the interest rates you and me are going to pay in coming months. What RBI changes is its benchmark rates (the rate at which RBI lends to Banks) and the Banks alter their rates structure accordingly. If RBI raises rates other follow and vice-versa.
Before the policy, RBI comes out with a document called Macroeconomic & Monetary Developments. It is a superb analysis of the events so far. Basically these are quarterly reports on the Indian economy and covers the developments in the economy in previous quarter. This is better than most of the research reports on Indian Economy which one comes across. It is a must read for all the people interested in Indian economy.
The report is nicely divided into chapters like Real Economy, Financial Markets, External economy with simple text and rich graphs illustrating all about Indian economy. Apart from the lucid analysis, it offers very useful data which can be used by researchers for their analysis.
Read the summary here and the detailed chapters are here
I would post my comments on the same later.