The demand is not so much as to what the repo rate will be on Wednesday, but what the monetary policy committee, including RBI governor Urjit Patel (second from right), thinks growth and inflation will be six months or even a year down the road. Photo: PTI The monetary policy committee (MPC) will start its two-day meeting on Tuesday to discuss and vote on what the Reserve Bank of India (RBI) should do with its policy rates. There are no ready solutions to the monetary shock posed by demonetization, which purged 86% of the currency (by value) in circulation. That said, a thread of clarity over growth and inflation has emerged over the days since Rs1,000 and Rs500 banknotes ceased to be legal tender on 9 November. It is clear that the move will dent consumer demand and hurt growth over the remaining part of fiscal year 2017. Inflation is likely to ease because of depressed demand conditions, but a forecast on inflation is tricky as delays in the sowing of the rabi crop could potentially...