By Hemantkumar Shah* The Reserve Bank of India (RBI) has recently lowered its key policy rates, including the repo rate and announced a phased reduction in the Cash Reserve Ratio (CRR), signaling a shift towards a more accommodative monetary stance. At first glance, such a move might appear to herald a phase of economic acceleration—lower interest rates, easier loans, increased investments, and rising employment. However, closer scrutiny reveals that these policy changes, though significant on paper, may not meaningfully impact India’s GDP growth unless accompanied by robust fiscal measures and targeted reforms.