India is in a rare macroeconomic phase: inflation is close to zero while growth is racing ahead above 8%. The Reserve Bank of India (RBI) has cut the policy repo rate four times this year, bringing it down by a full percentage point. Experts talk of a “Goldilocks” moment-strong growth, benign prices, and room to support the economy. At first glance, this seems like an unqualified good-news story. Headline consumer price inflation has dropped to about 0.25%, the lowest on record. Wholesale prices are in negative territory. At the same time, GDP growth in the latest quarter is estimated at around 8.2%, with both manufacturing and services contributing. But this macro comfort has very different meanings for different Indians. For a salaried urban borrower, lower interest rate

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