New Delhi, June 24 -- The minutes of the June meeting of the monetary policy committee (MPC) of the Reserve Bank of India (RBI) were released last week. They tell us a lot about how the fog of uncertainty hanging over the global economy has influenced the thinking of the six MPC members who collectively decide interest rate policy in India.

Against the backdrop of trade frictions, sudden movements in the prices of financial assets and growing geopolitical tensions, the minutes mention the word "uncertainty" as many as 16 times. The word "certainty" has six mentions, and that too mostly in the context of uncertainty; for example: to "provide some certainty in the times of uncertainty."

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