............Reserve Bank of India, to its credit, has remained vigilant. Remember, they have essentially nowhere indicated that the next move is to cut interest rates. They have basically given a couple of scenarios under which there will be a cut, but have not committed to that. So I’ll give them full credit and all of those factors which have been in the last policy review. So by summer, we think the Reserve Bank of India will essentially have to reverse course and essentially stop its easing of monetary policy trajectory...............
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