What is 'calibrated tightening', RBI's new policy stance?

RBI Governor Sanjay Malhotra said the central bank's shift from a "neutral" to "calibrated tightening" stance is mainly for policy guidance. "Calibrated" signifies a milder form of monetary tightening, with future decisions depending on incoming economic data, he said. He added that "tightening" means only rate hikes or a pause are possible in the near future.