While a repo cut on June 17 was supposed to help revive some momentum, the rupees collapse means that is off the table since the emphasis has to be to attract investors in debt to begin with. Indeed, with the rupee playing havoc with corporate balance sheets, India Incs ability to invest has got further compromised. According to a Bank of America Merrill Lynch analysis, a 5% rupee depreciation means a fall in FY14 EPS of 53% for an Adani Power that is very import-dependent and a Bharti Airtel by 11.6%. While the rupee will benefit exporters like IT firms, their ability to expand depends upon global conditions that, at the moment, still dont look rosy. How the rupee behaves will depend on whether the government can instil confidence in foreign investors, though the fact that the US recovery is patchy will help since this will delay any contraction in the Feds monthly bond purchases. Whether India can do much with this window of opportunity, though, is open to question since there are enough internal problemswith mining growing in just 1 of the last 12 months, for instance, electricity production grew just 0.7% in April. A good monsoon will help revive GDP a bit, but if the Cabinet clears the Food Security Bill ordinance later today, the message to investors is clear: the election season has begun.