India’s macroeconomic response since the Union Budget in February has followed a curious asymmetry. While the Reserve Bank of India has acted with a clear sense of urgency to address the softening growth momentum, the Ministry of Finance has remained unusually subdued. With fresh signs of weakness in industrial demand and a visible slowdown in high-frequency indicators, the burden of near-term support appears to have fallen disproportionately on the central bank.This inversion of roles is not just stylistic. It may have consequences for the balance of expectations, the efficacy of policy transmission, and the broader coordination of fiscal and monetary levers.
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