Opinion | To lower rates in a bold or measured way is a classic dilemma of monetary policy

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Opinion | To lower rates in a bold or measured way is a classic dilemma of monetary policy

Divergent views on monetary policy action in times of heightened uncertainty matter in the current situation.

By Dr. Niranjan Rajadhyaksha
June 25, 2025

In this article for Mint, Niranjan Rajadhyaksha, Executive Director at Artha Global, unpacks the RBI’s recent monetary policy decision through the lens of economic uncertainty. The Reserve Bank of India opted for a bold cut this month in defiance of the conservative school of rate policy. Amid conditions of high economic uncertainty, such a call can go either way. Is it time for new estimates of India’s neutral rate of interest?

Read the article here.

Banner Image Source: Mint (via REUTERS)

Op-ed

Opinion | Gold buying for investment purposes also makes it easier to reduce imports of actual bullion

By Dr. Niranjan Rajadhyaksha

India’s rising gold imports are increasingly driven by investment demand rather than traditional consumption. Niranjan Rajadhyaksha explores what this means for the rupee, foreign exchange reserves, and economic policy.

Op-ed

Industrial policy now has broad World Bank approval but the case for universal adoption remains unclear

By Dr. Niranjan Rajadhyaksha

The World Bank has endorsed the idea of industrial policy with some conditions, reversing its stance of the early 1990s. What its new paper doesn’t address, though, is what happens if every country goes for it.

Op-ed

Opinion | India’s widening current account deficit amid global uncertainty: At what point do alarm bells ring?

By Dr. Niranjan Rajadhyaksha

India’s current account deficit may touch slightly above $84 billion this year, raising concerns amid global uncertainty. But does it signal trouble yet—or just a phase of manageable external imbalance?

Op-ed

Demystifying interoperability in Digital Public Infrastructure

By Dr. Hemant Adarkar

Interoperability can be understood as the digital equivalent of people speaking a common language while retaining their unique accents

Opinion | To lower rates in a bold or measured way is a classic dilemma of monetary policy

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Related Articles

Opinion | Gold buying for investment purposes also makes it easier to reduce imports of actual bullion

Industrial policy now has broad World Bank approval but the case for universal adoption remains unclear

Opinion | India’s widening current account deficit amid global uncertainty: At what point do alarm bells ring?

Demystifying interoperability in Digital Public Infrastructure