RBI monetary policy: When boring is exciting

India, when compared to the US, has been rather boring, albeit in a good way. In contrast to the volatility in the US markets and macro data, India has been a beacon of stability.
 

Since the April policy decision, the macro outlook facing policymakers is also largely unchanged.
 

Inflation is gradually cooling, led by core, but is still above target, while food inflation remains an upside risk. 
 

Growth is a story of the glass half full or half empty. Headline GDP (gross domestic product) numbers are strong, but beneath the surface, weak private consumption and softer private investment remain concerns.