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Markets wanted it. Markets got it. This, in a nutshell, explains the Reserve Bank of India’s (RBI) rather dovish policy and measures today where its six-member rate setting committee voted unanimously to cut the repo rate by 25 bps after a gap of five months.

Governor Sanjay Malhotra remembered that the task of the RBI is to target retail inflation and keep it within the 2-6 percent band. That means loosening the purse strings when inflation dips below the lower threshold. At rock bottom 0.25 percent retail inflation, there was

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