Corporate bonds are priced as a spread over the risk-free rate. In India, the reference risk-free rate is unreliable as large institutions are mandated to buy and hold government bonds.
For every upgrade of rupee debt of Indian firms since 1 April there have been about 11 downgrades, leaving this quarter set to be worst on record if sustained.
India’s situation is contrary to global markets where junk bond sales are thriving after monetary authorities said they would buy such securities directly.
In a seminal work, former military officers Lt. Gen. D.S. Hooda & Lt. Col. Pavithran Rajan put forth a framework to approach cognitive warfare, called Socio-Technical-Cognitive Battlespace.
India, China and Russia share more contradictions than congruence. Each has a different worldview, as also a different adversary. The rude fact is that BRICS is the most irrelevant of all such groupings.
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