What’s the essence of interest rate in an economy?

Here we may feel that RBI is controlling the financial and interest rate of India. Otherwise, it serves as an intellectual intermediary of a growing democratic economy. RBI must balance the mood of the world’s financial market, domestic economy position, managing govt’s financial needs, and strength of INR. The monetary strength of a country depends on the efficacy of a central bank else it has a dire impact on the outlook of the country, currency, inflation, and interest rate.