Watch like a hawk, Indian Express, 21 September 2011

Raising interest rates when growth is slowing down
would not have been an easy decision to make for Reserve Bank
Governor D Subbarao. However, despite the unpopularity of his
stance, he did not take a short term view of the problem. He did not
respond to the clamour for no further raising of interest
rates. This was the right thing to do.