Let zombie firms linger on & banks stay crippled a little longer if it leads to deeper reform, so India can get away from broken financial system of the 1980s.
Arvind Panagariya backs Modi govt’s decision to not go in for fiscal expansionary policy, says funds will be needed for demand stimulus and bank recapitalisation.
The recapitalisation of banks fits into the pattern set by other developments that indicate we are moving away from the Modi promise of less government.
A poor Muslim man from Kurnool, selling khoya buns during the Medaram Jatara in Telangana, was harassed by some YouTubers and surrounded by a mob over allegations of 'food jihad'.
Indian refiners are testing Venezuelan barrels again as Russian supply sinks, but analysts say volumes will remain limited due to refinery constraints & supply capacity.
This is the game every nation is now learning to play. Some are finding new allies or seeing value among nations where they’d seen marginal interest. The starkest example is India & Europe.
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