Are these times when cost of debt is more than cost of equity?

Today, again RBI increased repo and reverse repo rates by 50 basis points which takes them to 8% and 7% respectively, which would also mean that banks would now have base rate around and over 10%.

And which would further result in interest rate for a corporate loan of around 15% for corporates having decent credentials. Indian stock market has not been much move lately and one would be happy to make a return of over 10% in Indian equity these days. So are we seeing times when cost of debt is higher than cost of equity? (not in the strictest sense) If these are, then definitely people saying, "RBI policies would result growth paralysis", are probably right.

A true finance student would reply, "No way. If equity returns are falling, doesn't that mean investors are putting less amount of money in equity, which means investors have become more risk averse which should mean cost of equity has increased further up."

Whatever may be the case, the statement about "Growth Paralysis" still holds.