The RBI’s language clearly indicates that inflation targets are paramount

The RBI’s decision to leave the rates unchanged was on expected lines. It also substantially revised the growth projection for FY2018 to 6.7 per cent from 7.3 per cent earlier.Though the revision was expected, the extent to which it has been lowered has come as a surprise. While the markets were expecting a “dovish hold” in this policy, the rhetoric accompanying the policy had a hawkish tilt, whi...