In principle, I have advocated that high interest rates are good for India because it implies that the currency is stable, which benefits most Indians.
A weak currency benefits shareholders, property owners because share values go up. But this is a minority. There are more than 1.2 billion Indians. Probably not even 5 million own shares. The impact of rising share market on the economic activity is very limited. If the new governor is a money printer like Yellen and Bernanke, then the currency will go down a lot. So in local currency the stock market might go up, not necessarily in dollar terms. But for the next 10 years, I would probably rather invest in India than in the US