The RBI's MPC initially kept the repo rate unchanged, surprising with a dovish tone. However, released minutes reveal a "striking divergence," with central bank members expressing hawkish inclinations towards policy tightening, including potential rate hikes. The RBI's own inflation projections indicate negative real interest rates, contradicting its stated neutral stance and views on "resilient" growth. This inconsistency is "odd" given global central bank uncertainties over inflation and monetary policy trajectories. More clarity is anticipated by the October meeting, potentially leading to adjustments in the policy rate to address underlying price pressures.