 Surprising everyone on the upside. Notwithstanding this progress, the target of 4 percent CPI is yet to be reached and we have to stay the course. Headline inflation continues to be volatile due to multiple supply side shocks which have become more frequent and intense. The trajectory of food inflation needs to be closely monitored. Recent vegetable price shocks could once again push up the headline inflation in November and as I said possibly December. While monetary policy would look through such one of shocks, monetary policy has to stay alert to the risk of such shocks becoming generalized and derailing the ongoing disinflation process. In the midst of these uncertainties, monetary policy has to remain actively disinflationary to ensure a durable alignment of headline inflation to the target rate of 4 percent while supporting growth. I would now like to focus on the liquidity and financial market conditions. Like most of the central banks, the Reserve Bank had injected additional liquidity into the system to counter the COVID-related onslaught on our economy. Consequently, the size of the Reserve Bank's balance sheet had expanded significantly. Persistence of such expanded balance sheet far too long could have created macroeconomic and financial instability. It is worth noting that the Reserve Bank has successfully reduced its balance sheet size well in time. Illustratively, the size of Reserve Bank's balance sheet swelled to 28.6 percent of GDP in 2020-21. With modulation in liquidity in the post-COVID period, the balance sheet size moderated to 23.3 percent of GDP in 2022-23 and further to 21.6 percent in the current financial year up to December 1. We consider this as a significant achievement. System liquidity as measured by net position under the liquidity adjustment facility that is LAF turned into deficit mode for the first time in September this year after a gap of nearly four and a half years since May 2019. Deposit liquidity conditions persisted during October and November, prompting large records to marginal standing facility that is MSF by the banks. In parallel, utilization of standing deposit facility that is SDF has also been high. The overall tightening of liquidity conditions is attributed mainly to higher currency leakage during the festive season, government cash balances, and Reserve Bank's market operations.