India has maintained high growth and achieved reasonable control over inflation without tinkering key interest rates, unlike other major economies, RBI Governor Y V Reddy said on Wednesday.

Despite many global developments, RBI has been able to maintain stable policy rate regime in the last one year.

"Inflation pressure have been there, no doubt, but in most other countries the policy rates had to be changed during this period and enormous liquidity measures had to be taken," he said, adding that not using any instrument may imply better management of inflation expectations.

For last five years, India has maintained a growth of over 8 per cent while the inflation has been in the range of 4-5 per cent, barring the spurt in the last few months.

"Generally it is accepted that so far no imbalances have been built, the growth has been maintained and the inflation is reasonably under control," Reddy told reporters.

"But I would not say that we are very happy with it (inflation) we would like to take it lower... We feel it is ideal to anchor inflation expectations as close to global inflation," he added.

In the last two policy reviews, the Reserve Bank of India [Get Quote] has kept all key rates of repo, reverse repo and bank rate unchanged.

In the policies prior to them, the change in rates has had no significant impact on interest rates in a bid to maintain growth momentum.

The Monetary and Credit Policy 2007-2008
Inflation, the silent killer!