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A firm faced with high interest rates may decide to postpone building a new factory because the cost of borrowing is so high.
Conversely, a consumer may be lured into buying a new home if interest rates are low and mortgage payments are therefore more affordable.
A variety of measures of real activity grew sharply from the second to the third quarter.
These included real gross national product and retail sales adjusted for price increases.
The scarcity of research for studies of business cycles in India along with data limitations might be some of the reasons why policymakers in India are not too concerned about this issue. Business cycles are the short-run fluctuations in aggregate economic activity around its long-run growth path.
There is, however, a general belief that there are four big indicators that the committee weighs heavily in their cycle identification process.