The RBI has avoided acting in haste in the face of confusing signals

The backdrop to the monetary policy was an evolving debate on growth erosion and the need for a fiscal push to revive the economy. Even as economists broadly agreed that there was limited chance for a repo rate cut in this policy, certain others were expecting one. Five members of the Monetary Policy Committee voted to keep the rate unchanged while one member voted for a 25 bps reduction. The stan...