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RBI delivers a pre-election rate cut gift to Narendra Modi but is it enough?

Updated : February 08, 2019 08:13 AM IST

The quarter-point reduction in the benchmark repo rate follows intense pressure late last year on the RBI to listen to government and business concerns and ease monetary policy.
The threat to the RBI’s autonomy led to the departure in December of its governor, Urjit Patel, and his replacement by Shaktikanta Das, whose views were much more in line with the Modi administration.
Four of six members of the RBI’s monetary policy committee (MPC) voted to cut the rates, while all six members voted for a change in the monetary policy stance to “neutral” from “calibrated tightening”.
RBI delivers a pre-election rate cut gift to Narendra Modi but is it enough?

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