David Fuller's view India's main inflation measure, the Wholesale Price Index (WPI), fell in April to 4.89% y-o-y. This is the third consecutive monthly fall and is the lowest reading since November 2009. In March it rose 5.96%. The Central Bank's comfort level is 5%. Room is now created for the Central Bank to continue with interest rate cuts which are so badly needed to spur consumer demand and in turn revive economic growth. Capital investments by industry will also be encouraged in an environment of falling interest rates.