The monetary policy committee begins its job on a good note
The RBI perhaps has space for two more rate cuts over the next 18 months
A new era in Indian monetary policy has begun smoothly. The first interest rate decision taken by the monetary policy committee (MPC) was unanimous. All six members voted for a reduction in the benchmark repo rate by 25 basis points. The unanimity was in sharp contrast to the split among economists on what the Reserve Bank of India (RBI) would decide this time around.