Mumbai: Reserve Bank of India's August policy meet had quite a few 'unconventional' takeaways. It will surely be recalled for the 35 basis point rate cut and 'floccinaucinihilipilification' (no spelling error!).
The rare term came from the external Monetary Policy Committee (MPC) member Chetan Ghate while he expressed his views on the current gloomy growth forecasts of the Indian economy.
Oxford defines 'floccinaucinihilipilification' as an action or habit of estimating something as worthless.
"Estimates of economic growth in India have unfortunately been subject to a fair degree of floccinaucinihilipilification. Notwithstanding this, growth is likely to pick up from Q2-Q3: 2019-2020," said Chetan Ghate.