This refers to the article "The interest rate illusion" by Jyoti Mukul (May 30). It is a well-understood concept that growth is a function of several things. Merely reducing rates is not going to put growth back on track. We need investment mobilisation, combined with other things, like expediting infrastructure development, setting a legal framework that aids business and, of course, the right human capital. The author is correct in pointing out the cost of money doesn't determine everything in today's economy; a host of other factors that also play an important role need to be set right.
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Aseem Naphade, New Delhi
Letters can be mailed, faxed or e-mailed to:
The Editor, Business Standard
Nehru House, 4 Bahadur Shah Zafar Marg
New Delhi 110 002
Fax: (011) 23720201 · E-mail: letters@bsmail.in
All letters must have a postal address and telephone number