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    <description>Policy recommendations were split: four Members advocated cuts in the policy repo rate (two preferring a larger cut with forward guidance, two a smaller cut given fiscal, monsoon and external uncertainties), while three Members recommended no change until earlier cuts transmitted; one Member proposed a modest reduction in the statutory liquidity ratio. Divergent views reflected assessments of weak aggregate activity, moderating inflation with monsoon upside risk, exchange rate considerations, and risks from volatile capital flows and GDP rebasing uncertainty.</description>
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