After two wasted rate cuts, should the RBI go for yet another? 
Rajan has already surprised the market twice with out of turn rate cuts on January 14 and March 4. In the intervening schedule policy on February 3 he refused a cut on the grounds that the rate cut had happened just 20 days before on January 14. Consequently this time don't expect a rate cut. After all Governor Rajan gave one just a month ago on March 4. The markets have bounced back from the bottoms and the rate cuts have not percolated down to the economy. Reductions in key interest rate by the RBI have not helped stimulate investment in the manufacturing sector, a poll ahead of the Reserve Bank's policy review on Tuesday.

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