No sooner RBI announces a cut in interest rates in its bi-monthly monetary policy reviews, there is a clamour amongst TV anchors, economists and industry leaders to seek the 'next' cut in the REPO rate, which has now been reduced to 5.40 per cent, the lowest in almost a decade. Without digesting the 110 basis points or 1.10 percentage points, reduction since January this year, high decibel narrative gets louder for severe slashing of the interest rates. Every time any of the indices relating to industrial growth, core sectors or broader GDP is released, the noise for even lower cost of borrowing gets louder. An impression is created as if all the economic problems begin and end with only interest rates. If that was the case, Japan, which has kept the lending rates in negative would have been the fastest growing economy of the world; but it has been battling slowdown and even recession for decades.