Modi Is Taking On The Rich And Mighty, And Ignoring Shrill, Self-Serving Economists

November 30, 2017

Twelve willful defaulters of corporate India attempted to buy stressed assets, prompting the government to ask banks to be vigilant.

Is Modi protecting the loan-defaulting dirty dozen of India Inc., or is he calling them to account?

No market economy can operate efficiently without an orderly and speedy bankruptcy process. The problem of a poorly conceived and sclerotic bankruptcy process in our country has been recognized for years (actually, this being India, it has been recognized for decades). The country tried various options—tied up with acronyms—BIFR, CDR, Sarfaesi and so on.

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