While fuelling the feel-good feeling, it should be noted, the RBI has expressed its concern about a slowdown in export growth, the inflationary potential in the economy, rising government debt and deficit and a lack of pro-activity on the part of banks in making credit available across the board. His initiatives in this regard will also be welcomed. Dr Reddys policy has also been welcomed because of the continued emphasis RBI is placing on corporate governance and transactions cost, even as it increases the freedom available to banks to manage their affairs in a market economy. The strong emphasis on regulatory challenges augurs well for improving RBIs credibility in this regard. The market should not, however, be too cocksure about central bank policy any longer. It should be noted that Dr Reddy did little to manage market expectations before coming forward with his mid-term review. He is likely to keep the market guessing as far as possible. Hence, a repo rate cut or an action aimed at altering the direction in the movement of the rupee can come at any time. Dr Reddys bias seems to be in favour of predictability in policy, but with the central bank retaining the initiative. By opting for continuity in rates, Dr Reddy has not robbed his policy of suspense since he can easily take rates further down or up depending on how market forces operate. A certain agnosticism informs his policy. Finally, the RBI has also hinted that there are limits to what monetary policy can do for the economy. Fiscal and tariff policy must step in where monetary policy cannot tread. Over to North Block.