Current developments in India are pretty challenging. 10 state owned banks are being merged to only 4, totally of 8billion USD recapitulation is happening. To it slowing growth to 5% yoy basis, weakening rupiah and thus everything only 2,5 years after demonetization o 80% of currency base in November 2016.
Is India again asking its middle class to cover the policy mistakes? Why have been state owned banks allowed to approve so many bad loans? Current talks of bankers protesting against the move, even they did approve loans in first place.
Maybe India is not on the verge of change to different India. Maybe it keeps the same, as it always had been. A great country to those who export, who live from lower labor costs and those with good connections to banks for loans that make no sense. Without taking responsibility. Making top 0,1% richer and let 99,9% to pay?
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