I feel for Indian people,
with the current government, it is like they are embarking on the grand experiment to take away all the fiat/ crypto money out and therefore people's choice.
That fiat reform to streamline benefits reimbursement system, also means that if they want they can impose negative interest rates (meaning another way to tax you if they wish) on your money (since they are all in the bank), which they could not do if you stash it under your mattress.
and now crypto...
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While you are right in your assessmeet, no Indian government will survive if they drastically cut interest rates (currently 6/6.5%). Besides, most Indians are quite good at finding ways around arbitrary controls imposed by the government.
Sure,
for now - it is a far fetched idea (after all they are running the deficit being financed from the outside) but But I think we both agree that having a mechanism in place moves it from the realm of outright impossible to probable.
Besides those rates being like 10-11% not that long ago if I recall correctly.
Yes, you are absolutely right. Though, the real rate of interest is marginally better now ( the inflation rate was a lot higher then)