Wilful blindness and interest rates

The view that India's interest rates are on a long-term decline is a combination of three kinds of wilful blindness

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 decline