New Delhi, August 22: In the last monetary policy committee (MPC) meeting, the Reserve Bank of India (RBI) relied on a rare 18th century term to rebut pundits who have made gloomy predictions for the Indian economy. Minutes of the meeting released by the central bank showed one of the words used by the central bank was "floccinaucinihilipilification".

"Estimates of economic growth in India have unfortunately been subject to a fair degree of floccinaucinihilipilification. Notwithstanding this, growth is likely to pick up," MPC member Chetan Ghate was reported as saying as per the minutes of the meeting. What Caused RBI to Shift From Convention on Rate Cut

The Committee had taken observers by surprise by announcing an unprecedented 35 basis cut in repo and reverse repo rates. The policy makers had further assured the nation that the economy is steering in positive direction, and has not been affected by a slowdown.

On Monday, RBI Governor Shaktikanta Das resorted to 18th century philosopher Voltaire, while reiterating that the central bank is using a balanced approach in addressing the monetary challenges.

Amid reports of slowdown and job losses, Das said the RBI is not turning a blind eye to situation, but added that the situation is not worrisome. The policymakers are aware, he added, while using a phrase from Voltaire's vocabulary.

"I am not saying we maintain a Panglossian countenance and smile away every difficulty,” Das said. As per the dictionary, the term Panglossian refers to a sentiment of extreme optimism.

The term was used by Voltaire for Professor Pangloss, a character in the “Candide, ou l’Optimisme” or Candide: Optimism". The character exhibited extreme optimism, as portrayed in the satire published in 1759.

(The above story first appeared on LatestLY on Aug 22, 2019 09:30 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).