........If you want to know what Patel may tell RBI Governor D Subbarao when it comes to the next monetary policy on 29 January, the answer will be: look at Patel’s PIGs. If Patel’s Pure Inflation Gauges are still showing an inflationary spike relative to sector-specific gauges like food of fuel, he will recommend that rates be maintained. If not, he may call for a cut. But in either case, it will not be because he has deep sympathy for P Chidambaram’s viewpoint. If he has been selected in order to get North Block’s views to Mint Street, he may be mismatched in that role.
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