India's economy unmoved by shock therapy
Finance Minister Chidambaram is trying to end the credit downturn by asking the apex bank to grant new banking licences quickly, hoping new private lenders will give the jaded banking system an additional loss-absorbing cushion.
The slowing Indian economy is not responding to shock therapy. The stock market rally that began in September after the government unveiled its high-decibel reforms programme is fizzling out.
The BSE Sensex failed this month to surpass its...
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