NEW DELHI, April 27 -- Rate cuts by the Reserve Bank of India (RBI) may not find transmission into lower interest rates in the Indian economy if election promises of large cash transfer programmes are kept. Fears of large government spending without any clear plans to raise tax revenue or cut other expenditure can increase economic fragility as well as create expectations that India will move away from the path of fiscal consolidation. This would mean government can only borrow at higher interest rates. Higher cost of capital would mean lesser private investment....