It gives me great pleasure to place before you the highlights of your Bank’s performance during the financial year 2014-15. Details of the achievements and initiatives taken by your Bank are provided in the enclosed Annual Report for the year 2014-15.
The global economy advanced at a moderate pace in 2014 with greater divergence across various economies. However, the economic environment seems to be turning for the better with the recent sharp fall in international prices of crude oil, which is expected to boost global aggregate demand and recovery in the US economy. Euro Area Q1 GDP growth at 0.4% - a bright spot in a weak global economy - may further bolster global growth momentum going forward. The US job growth continues to be robust suggesting that the US labour market conditions are improving . . .