Not turning lower inflation into low interest rates hurting growth: EAC-PM

India missed the bus by not turning gains of lower inflation into low interest rates, which is pricking the economy on the growth front, a member of the economic advisory council to PM (EAC-PM) said on Tuesday.

Efforts should be mounted to lower the interest rate burdens for borrowers, and RBI's pause had a "terrible" effect of costs for a third of borrowers going up by 0.25 per cent, Neelkanth Mishra, who is also the India strategist for Swiss brokerage Credit Suisse, said.

The comments from Mishra, who is a part-time member of the Prime Minister's advisory council, come at