The Reserve Bank of India is going to announce its mid-year monetary policy on Tuesday. In a press release issued in Mumbai today, the RBI has reiterated that its monetary policy will continue to remain focussed on taming inflation even if it results in moderation of growth.RBI release stated, although in the past it has raised interest rates by 350 basis points since March, 2010, inflation risk still continues to persist. The release further stated, although the risk to growth is becoming visible, the challenge of bringing down inflation to an acceptable level on a sustainable basis, remains significant. On a positive note, the RBI has stated, although the growth in the current fiscal year is likely to moderate to below trend, agriculture prospects are encouraging. The RBI stated that on account of various global and domestic factors, growth in 2011-2012 is likely to be less than that projected earlier. The RBI had projected the economic growth for the current fiscal at 8 per cent.