5 The trend of WALR clearly indicates that the real lending interest rate today is lower than it was in the high growth period of 2003–08, a period when investment boomed. This is the case irrespective of whether we use WPI or the GDP deflator. 4F  47.
Some analysts have contested the Reserve Bank’s assessment by using the Benchmark Prime Lending Rate (BPLR) to derive the real lending rate. Use of the BPLR for this analysis is flawed.