Gulzar Natarajan believes India should ease monetary policy and decrease interest rates now:

More fundamentally, for far too long, interest rates in India have remained higher than the global average. It was understandable given the developing and closed nature of our economy, and high inflation rates. But these high rates had introduced many distortions into the economy. Now with economy opening up, financial markets getting integrated with the global markets, capital mobility restrictions being slowly eased, inflation coming under control despite the galloping oil prices, and global interest rates being eased, it is natural that our monetary policy be eased at the slightest opportunity.