New Delhi, Aug. 5 -- The decision taken in any policy is the repo rate, followed by the stance. Yet, there are several expectations as the narrative, though quite stylized, is open to interpretation by market players. Hence, a status quo on rates and stance does not mean it is a non-event.

The projection of GDP growth is important because it indicates what future actions could be. The inflation projection tells us what the members could do in case they hold true. And above all, one tries to read between the lines to figure out if the MPC is cautious, hawkish or plain dovish. These terms are subjective and interpreted based on the reviewer's proclivities.

Against this background, how does one view this credit policy? The repo rate was no...