It's been soothe sailing so far

This credit policy was on expected lines. No surprises. And in the context of the volatile environment we have witnessed in recent past, it was almost soothing!! Bank rate, CRR (cash reserve ratio) and Repo (repurchase agreement) rates have been left untouched. There has been no significant shift in policy. And the stance of monetary policy is unchanged.
The policy announcement has been set in the background of strong economic growth. The Governor expects the growth trajectory to be maintained. Relatively benign inflation of around 5%, on the back of growing exports and strengthening imports augurs well for estimated GDP growth of 6.5% to 7%. More importantly, the policy delves into the next layer of activity. It focuses on availability of credit. Particular emphasis has been placed on credit availability for agriculture and infrastructure sectors. Inclusion of agri-storage units as part of priority sector as well as infrastructure is positive. Equally important, construction activities pertaining to educational institutions & hospitals have been rightfully treated as infrastructure activities.
What more could have been done? Perhaps some more directional actions in the area of foreign exchange management, now that the bank has the additional flexibility of the Market Stabilisation Scheme. But very little beyond that. With the economy on growth path and contours of policy priorities of the new government not yet clear, Dr Reddy has chosen to provide the continuity in the policy.