Kumar and Amma's actions matter. In a country where collective complacency has calcified into a survival strategy, watching someone say 'no' feels radical.
UCBs accounted for 1.8% of total industry credit in September 2025—down from 2.2% five yrs ago—showing that they are losing ground to faster PSU banks.
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.
Only time and the polls will tell whether Mr. Modi is back or if this is facade of confidence and the building inside is starting to crumble. Mr. Modi is an expert showman so wisdom lies on the side that he is posturing.
Only time and the polls will tell whether Mr. Modi is back or if this is facade of confidence and the building inside is starting to crumble. Mr. Modi is an expert showman so wisdom lies on the side that he is posturing.