Analysts and commentators were quick to dub the latest credit policy statements by RBI governor Raghuram Rajan “dovish”. And how did they come to that conclusion? On the basis of a sentence in the policy which said: “If the economy stays on this course, further policy tightening will not be warranted. On the other hand, if disinflation, adjusting for base effects, is faster than currently anticipated, it will provide headroom for an easing of the policy stance.” Look closely at the statement, it is nothing exceptional. Similar statements were made by Rajan himself earlier and by many other governors. Yet when the mood is different, the same statement acquires a different hue!
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