The Reserve Bank of India’s recent policy moves — a 100 basis point cut in both the policy rate and the Cash Reserve Ratio — are aimed at energizing the economy through increased liquidity. While these measures are welcome on the surface, they face a fundamental limitation: liquidity by itself is not growth unless it meets willing and capable demand. As highlighted by a recent Nuvama report, the missing piece in this economic equation is consumption. Simply put, who will take this money and turn it into real economic activity?