At the 2nd June 2015 Credit Policy meet, RBI Governor, Raghuram Rajan had very clearly sent out the message - Expect no more rate cuts in this year as this 25 bps today itself is more like a preemptive step to ease supply constraints. That time too, the Governor had placed the onus on the Govt, urging it to get back to policy action, encouraging investment to alleviate medium term supply side bottlenecks. The Governor had said that between 2000 to 2003, monsoon was poor but thanks to proper action from the Govt, inflation remained largely on the leash
