MPC delivered two consecutive rate cuts of 25bps each with a 4-2 vote. Neutral stance maintained. The continuous undershoot of CPI inflation and downward revision to growth forecasts spurred the MPC members to cut rates. With weak global and domestic growth momentum and change in monetary policy stance of most global central banks, RBI has room for another rate cut as real rates remain high. The key risk to the above view is sharp jump in oil prices, poor monsoon or adverse election result....