Problem is, it's the wrong set of policymakers.
We need bold moves from Delhi -- to ease the supply constraints that are at the root of the current slowdown.
We don't need bold easing from RBI when the inflation battle is still to be won, the current account deficit is at an all-time high and the currency is under pressure.
RBI's 50-bps cut can be construed as the central bank tactically using this narrow window of opportunity -- when inflation has gapped down -- to frontload the rate cuts intended for the year, knowing opportunities may not come by later.
But this is a high-stakes gamble. Remember December 2010? A moderation in core inflation prompted RBI to pause its rate rise cycle.
Only to witness a rude inflation shock in the subsequent months prompting two 50-bps rises in mid-2011.
The fear is that history may be repeating itself.
By all accounts input costs pressures are still strong and will be compounded by the weakened rupee over the last few months.
With food inflation almost back in double digits, and a host of price increases (excise duties, coal, electricity, diesel, freight tariffs)
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