As global growth falls, oil prices are plunging to the lowest levels seen in over a decade. Needless to say, any fall in energy prices is a windfall for India. India's RBI Chief Raghuram Rajan needs to react more quickly this time to cut interest rates further, in order to stimulate the economy while taking advantage of the anti-inflationary effect afforded by the decline in oil prices. Markets have already adjusted to the US rate hike last month, and there won't be another for some time, especially in the weak economic climate. India has an opportunity to boost its growth and grab some economic limelight for itself when China is faltering.