1. Raghuram Rajan speech: The Reserve Bank of India (RBI) on Tuesday (February 2nd, 2016) did not announce any repo rate cut in the monetary policy meet and said that it has not factored in the implementation of the 7th Pay Commission in its inflation projection of 5% by March 2017. As the RBI Governor gets set to make yet another announcement on Tuesday April 5, 2016 at 11 a.m., here are the top 5 key points to note in the previous Raghuram Rajan speech: (Express Photo)

2. Raghuram Rajan speech: Since September, we have had some information on the pay commission awards and we have to see how it is implemented and who implements it, including the centre and the state and also the time. There are some aspects of the pay commission that we can look through some we cannot and over time as the award is actually put in place we will see and be able to give you more information on that. However, the implementation of the 7th Central Pay Commission award has not been factored in to the projections and will impart upward momentum into the trajectory for a period of one to two years. (Express Photo)

3. Raghuram Rajan speech: Broadly, I don't think it is there to read that we have become more hawkish over time and I think the positives are balanced by the negatives. There has been some downward movement in oil prices, but at the same time, we need to look for some risks which could also pull inflation down such as a good monsoon next year. Of course, I think there is a lot of speculation that after two bad monsoons you are more sure to get a good one. I should leave that to the meteorologists to figure out. Nevertheless, there are some downside risks as well as some upside risks. (Express Photo)

4. Raghuram Rajan speech: You must remember that G-sec yields depend on a confluence of factors. First, it depends on when one is tracking the G-sec yield. Remember, anticipation of a cut comes in much earlier than the date we announce a cut. So if you look from the middle of 2014, G-sec yields have come down significantly since then. So how much of the policy cuts in 2015 were anticipated and how much were not does matter. If there was some anticipation then it was factored into the falling G-sec yields. (Express Photo)

5. Raghuram Rajan speech: If you look at the centre for monitoring Indian economy (CMIE) data for stalled projects, it looked like it was coming down steadily. And what has happened in the last couple of quarters, it seems to have started picking up again. That is a source of concern as the steady improvement we had seen seems to have been halted. Now the government is taking measures to again reduce the stalled projects, Prime Minister, finance minister, and minister of state for finance are all engaged and hopefully we will see it come down once again. (Express Photo)

RBI monetary policy review: Highlights - * Repo rate under LAF unchanged at 7.75%; * SLR of SCBs reduced by 50 bps from 22% to 21.5% of their NDTL from February 7; * ECR facility replaced with system-level liquidity from February 7; * Forex remittance limit enhanced to $250,000 per person from $125,000; * Easier norms for pricing instruments under FDI to encourage investments. (Express Photo)