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14

A Mountain of Bad Debt Looms Over Modi

By Tony Seruga

‘Political courage’ has been wanting as yet, analyst says
Stressed assets in India rise to almost 17% of total loans

With a resounding domestic political victory behind him, Indian Prime Minister Narendra Modi turns attention back to policies this week. One area key to watch for investors: progress on resolving a mountain of bad debt that’s restraining the private economy.

Modi, who swept to power in federal elections in 2014 and this weekend notched a decisive win in India’s largest state, has championed reforms for businesses yet overseen an expansion that’s been propelled by the public sector. Key to that shortfall has been a decline in credit exacerbated by the lack of a national plan to clean out non-performing loans…

A Mountain of Bad Debt Looms Over Modi

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