.....While most economists reckon there will once again be pressure on RBI to consider another round of rate cuts on 18 June — finance ministry mandarins have been talking of it often — RBI Governor Subbarao will now have to weigh the possibilities very carefully. In April, RBI already effected a deeper than expected cut in the key repo rate of 50 basis points against expectations of a token 25 bps cut. The latest growth figures, of course, also mean RBI may need to take a relook at the growth-inflation balance and examine whether, given the gyrations of the rupee and its depreciation, it can consider putting growth ahead of inflation in its list of concerns. However, economists reckon it will be increasingly tough for the central bank, particularly with the latest PMI number.........
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