Mumbai/New Delhi, Oct. 17 -- Ram Singh, an external member of the Reserve Bank of India's Monetary Policy Committee (MPC) and the director of Delhi School of Economics, was among the two members who wanted to change the policy stance from "neutral" to "accommodative," believing it could enhance transmission.

The proposal to alter the stance was not backed by other participants during the 29 September-1 October meeting, who said that such a change could raise rate-cut expectations at a time the external environment is uncertain. In an interview to Mint, Singh said a change of stance would strengthen the transmission process - induced by the 100 basis points (bps) rate cuts so far - which, in turn, would add to the income and demand effect...