New Delhi, Oct. 1 -- The Reserve Bank of India's October policy was a close call with growing clamour for easing of policy rates as India's growth outlook has become more uncertain.

India's real GDP growth outlook is caught between the tailwinds of the GST rate cuts and the headwinds of the US's steep tariffs. Meanwhile, inflation remains subdued, led by deceleration in food inflation.

Despite the heightened uncertainty on India's growth, RBI on Wednesday maintained status quo on policy rates and retained its neutral stance. The key change was in the messaging, with RBI governor Sanjay Malhotra indicating space to ease policy rates due to significant moderation in inflation.

This policy flexibility is in sharp contrast to the June poli...