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‘Riskless Capitalism’ in India: Bank credit and economic activity

Prasenjit Bose,Zico Dasgupta,Rohit Azad
Monday 07 August, 2017  

The Indian growth story of the 2000s’ cannot be over-simplistically explained as a result of “market-oriented” reforms. Public sector bank credit-financed investments, particularly in the infrastructure sector, played a significant role in sustaining growth, most crucially after the global economic crisis. Such a growth trajectory, however, proved to be unsustainable with the expansionary phase coming to an end in 2011–12 and bad loans piling up in the banking system.

This article was originally posted in Economic & Political Weekly on August 5, 2017.

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