WHEN NARENDRA MODI was elected prime minister of India in 2014, his plan was to revive its GDP growth rate back to the near-double-digit figures seen in the mid-2000s. Few would have guessed that the biggest threat to that goal was the financial industry. For several years state-run banks have failed to get to grips with a $100bn mountain of dud loans. Now panic has seized parts of the privately run system. One bank boss says the situation is as bad as the Asian crisis of 1998 or the global cras...
WHEN NARENDRA MODI was elected prime minister of India in 2014, his plan was to revive its GDP growth rate back to the near-double-digit figures seen in the mid-2000s. Few would have guessed that the biggest threat to that goal was the financial industry. For several years state-run banks have failed to get to grips with a $100bn mountain of dud loans. Now panic has seized parts of the privately run system. One bank boss says the situation is as bad as the Asian crisis of 1998 or the global cras...
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