New Delhi, Feb. 5 -- With a new governor at the helm, the Reserve Bank of India's (RBI's) monetary policy stance will be watched very closely this time. If RBI signals a shift to an easy-money policy, it will ease concerns relating to the growth slowdown. But it will raise concerns about inflation at a time when a weak rupee is expected to raise import prices.

In other large economies, central banks often rely on labour-market indicators to help resolve such policy dilemmas. In some countries, central banks are mandated to maximize employment opportunities. In others, central bankers take into account jobs data to decide the policy stance.

RBI doesn't have an explicit employment mandate. Nor does it seem to place much weight on the labo...