The slowdown far exceeded anything that could be attributed to a tight monetary policy: Subir Gokarn

.......You have to compress demand because the excess demand is driving inflation and you would expect some slowdown in growth as a result of the monetary policy stance. However, the slowdown we saw far exceeded anything that could be attributed to a high interest rate regime and the point the Governor was making was that a number of factors that had an impact on growth were outside the control of the Reserve Bank. Therefore, it is unfair to attribute the entire decline to tight monetary policy alone...........

Read - ET