New Delhi, Aug. 21 -- The monetary policy committee was apparently groping through a haze of uncertainty as it deliberated whether to cut the Reserve Bank of India's (RBI) policy rate this month, as the minutes of its August meeting released by the central bank reveal.

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The economy's growth was seen as resilient, though challenges were discussed. Inflation was within the RBI's comfort zone. Ordinarily, such circumstances could have spelt a rate cut. But a whole percentage point had been lopped off already.

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Critically, uncertainty stemming from US tariff policy and the resultant global flux seems to...