In the third week of August 2019, Reserve Bank of India (RBI) watchers were in for some real “literary” treat. RBI Governor Shaktikanta Das, in a confident speech on the Indian economy, said: “I am not saying we maintain a Panglossian countenance and smile away every difficulty.” Many readers had to find out through a Google search that “Panglossian”, derived from a character in a Voltaire novel, is an attitude characterised by extreme optimism.
The minutes of the August 5-7, 2019, meeting of the Monetary Policy Committee (MPC), published on August 21, inter alia, contained a statement from Chetan Ghate, then
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