'Lower Interest Rates Will Not Revive Economy in Recession'

Saturday morning's decisions by the Reserve Bank of India Governor Shaktikanta Das to lower interest rates, infuse liquidity and grant a moratorium on repayment of loans will have negligible impact on the country's economy which is in the grip of demand recession. Like Friday's package of relief measures for the poor announced by Finance Minister Nirmala Sitharaman, the Narendra Modi government is strangely reluctant to act boldly and big to revive India's flailing economy and help the underprivileged, by announcing patchy policy schemes and taking hesitant steps.