Why India needs a low interest rate regime

Interest rates on government savings schemes were slashed during the routine process of revision and reset last week, only to be rolled back. There were murmurs about how lowering rates hurts investors. But how we got here is a long story worth thinking about. In my early days of observing market data, I recall the long schedule of interest rates that the RBI published. Rates for term loans by the development finance institutions, for banks and

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