India is an emerging economy in which the supply and demand are ever changing unlike advanced countries where various economic variables have reached a plateau and thus corrective actions can be taken because of stability. In India due to expanding population and rising purchasing power of a large section of it the demand outpaces supply especially in food items. Down the economic ladder previously poor persons with improvement in earnings are consuming better quality foods like those containing proteins. This increase in demand should be met by corresponding rise in supply which is not happening due to reasons like, monsoon failure, hoarding, supply chain problems, inadequate cold storage facilities, farmers not getting remunerative prices etc. All these are operating almost simultaneously. Thus demand outstrips supply causing prices to rise as per fundamentals of economics. This leads to inflation rising. RBI increases interest rates to mop up excess money supply to try and arrest rising prices. Industry wants lower interest rates because that cheapens loans and improves their earning margins. thus there is a clash of interests and in a democracy lobbying takes place. So a pro industry government will try to reduce interest rates which RBI may resist if inflation rates are high. Thus if you are depending on bank interest rates for earning you will see a reduction due to lower interest rates. Your option is to take up some work which will give you some earning every month or lower your life style. In USA the deposit interest rates are 1 or 2% and old people continue working to supplement their incomes. India will continue with high inflation rates generally for many years.