Finance Minister P. Chidambaram is not the only one walking alone.
Duvvuri Subbarao, the Reserve Bank of India (RBI) chief, also seems to be on a solitary, and one hopes, contemplative walk.
It’s not just the government putting pressure on the central bank to act and cut rates.
Minutes of a RBI advisory panel on monetary policy released on Wednesday showed Subbarao went against the advice of most external members, including economists and academics, in deciding to keep rates on hold at the Oct. 30 meeting.
Five of the six external members present had suggested a cut in the repo rate, with two suggesting a chunky 50 basis point cut. The governor thought otherwise, opting to lower the cash reserve ratio by 25 basis points.