that 4% CPI is now a fiveyear target vs. the 2018 timeline set during Dr. Rajan's governorship.We view this positively, asbringing CPI down to 4% in the nearterm was aggressive for India, because it suffers from supplyside constraints. The longer timeline will ensure easy monetary policy, low interest rates, and stimulus for economic growth. WeawaitmoredetailsontheinflationtrajectorythatRBIaimstoachievebeyondFY17to formanopiniononquantumanddurationofmonetarypolicyeasing.Fornow,thecurrent monetary policy regime seems reasonably dovish vs. the previous one. Commentary on growthismixedanditispositiveoninflation.Riskstobotharewellbalanced,saysRBI....