Macro-prudential policies must remain consistent with micro prudential principles and are therefore not generally scalable in the way that interest rates are. Further, the impact of macro-prudential policies can be eroded if there is disintermediation outside the regulatory perimeter, something which becomes more likely if interest rates are set at stimulatory levels.
Of course, in India recent  2  BIS Review 65/2006  events in equity markets are not easily explicable and so we can appreciate the comment that equity markets have a mind of their own. As a group, the central bankers could take some credit for little explicit indexation in recent periods. However, the Indian conditions on indexations are worth noting.