Recently, Narendra Modi government completed 9 years in office as multi-lateral agencies were vying to label Indian economy as bright spot in a dark global economy. As one moves the needle back to 2014, when.
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Rebooting Economy 66: Is India facing credit deprivation to warrant corporation banks?
RBI s database, reports and other evidence show India is credit surplus; large industrial houses have high debt stress, and that easy credit poses serious macro-financial risks to the economy
Prasanna Mohanty | February 10, 2021 | Updated 18:39 IST
What compromises the Indian economy further is India s repeated failure to resolve stressed assets over the past few decades
In November 2020, an internal working group (IWG) of the Reserve Bank of India (RBI) recommended that India s large industrial houses be allowed to run banks to increase credit-to-GDP ratio from the current level of 50% to more than 150%, in line with many developed economies, for higher growth. Now Prof. Arvind Panagariya, former Niti Aayog vice-chairman, is claiming that India faces acute problem of credit deprivation to support the same cause.
At 21% recovery, IBC has performed worse than UPA-era debt recovery mechanisms panned for inefficiencies. The idea of a bad bank is also likely to fail if political interference and poor bank governance continue
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