Sometimes, all it takes for central banks to achieve their objectives is to do things differently, rather than to do different things. Thursday’s monetary policy decision only underlines this. The decisions will cement the building blocks of a resistant Indian economy, well placed to tackle any external shocks. The global macroeconomic environment remains uncertain. Central banks in advanced economies are continuing to raise rates amidst a sticky inflationary environment, characterised by uncertain signals from noisy job markets. This is creating its own complications, including the fast-vanishing arbitrage between jurisdictions. Recently, Fitch Ratings downgraded the US from AAA to AA+ on...