Haven't heard from Mumbai recently, and from Jakarta not as yet.
I hear some of the Bollywood folk are heading for Spain, because financing
charges in India are far too high. If they are high for filmi folks, what
about the other people?
I think it would be appropriate for the Indian Central Bank to cut, and
not raise, the interest rate.
The Cycles Research Institute,at the onset of Recession in 2008, said
the major economies had not cut interest rates fast enough. India tends
to have mini-recessions, lasting 4 months or so. If the interest rate
could be cut, it would do good. Just a thought.