Expectations of economists from the July monetary policy of the Reserve Bank of India (RBI) had been minimal. The message in the June policy and in the speeches of the RBI governor that followed was clear and forceful: inflation is well above RBI’s comfort level, at this juncture interest rate cuts are unlikely to propel growth and fiscal consolidation is a pre-condition for monetary policy easing. The RBI statement on Tuesday reiterates these three messages and this consistency, to us, is one of the key takeaways from the July policy.............
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