......Growth is vital. So, if spurring growth is as easy as lowering the interest rate, why is there any hesitation? This begs the question: how should we think about the RBI-set interest rate? What evidence is there to suggest that lowering of the interest rate induces investment and leads to robust economic growth? One would expect investment to respond to lower interest rates and a favourable profit outlook. The theory is compelling, but it's largely silent on the relative importance of these two factors........
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