The Forum of Free Enterprise is a non-political organization founded in 1956 by A. D. Shroff, and has been established to educate public opinion in India on free enterprise and a democratic way of life. The Forum publishes booklets to further its objects. The following booklet titled “Interest Rates and Economic Activity” was published on February 3, 2014 and was authored by Dr. Deepak Mohanty. Dr. Mohanty deals with the topic of the inter-relationship between interest rates and economic activity. He proposes that the relationship between these two concepts is fragile at best, and that there is no substantial evidence to prove otherwise. He concludes that interest rates do not have a definite impact on investment decisions at the level of the firm. He states that price stability and exchange rate are necessary prerequisites to high economic growth. Therefore, when non-monetary factors impede growth, lowering the interest  rate does not solve the matter at hand.