Poonam Gupta’s first outing as Reserve Bank of India Deputy Governor could not have come at a more consequential moment. A 50-basis-point cut in the repo rate, a hefty 100-basis-point reduction in the cash reserve ratio, and a swift shift to a neutral policy stance, all packed into a single morning. The bond market swung wildly. Economists scrambled to revise their forecasts. And journalists lined up to parse the meaning of every syllable.Yet, one person said nothing.
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