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.
Pakistan must reduce non-productive expenditures like defence. The country's political economy has been overdetermined by the imperative of 'national security'.
Aim is to ensure not just disengagement of troops, but overall de-escalation. Govt in favour of solving tensions through talks as it wants peace with all neighbours including China.
Like the car, nothing the party has done to reinvent itself has worked. Only way forward is to offer something looking towards the future, not in image of glorious past.