Wilful blindness and interest rates

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From: Buisness-standard By Debashis Basu
Recommended by: business-standard


India’s 10-year government bond yield, the benchmark for interest rates, is now pushing 8 per cent after the Monetary Policy Committee (MPC) raised the repo rate by 25 basis points. This would be a shock for those who had been dreaming of a Ram Rajya of low interest rates, following the “reforms” done by the present government.

A low interest rate, it was hoped, would lift asset prices and unleash economic growth that would go on for decades and turn India into a prosperous nation. Many financial analysts genuinely believed that interest rates were on a path of secular ...

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