 "Raghuram Rajan put in place a series of actions to impose greater financial discipline on banks and forced them to recognize stressed assets")
India’s real estate, construction and infrastructure industries are in “deep trouble,” and non-bank finance companies which lend to these sectors should have their asset quality reviewed, former central bank Governor Raghuram Rajan said.
There is also “significant distress in rural areas,” Rajan wrote in an opinion piece in India Today magazine. He said India is in a growth recession, defined as an economy growing at a slow pace and where unemployment is rising.
There is also “significant distress in rural areas,” Rajan wrote in an opinion piece in India Today magazine. He said India is in a growth recession, defined as an economy growing at a slow pace and where unemployment is rising.
India’s GDP growth slowed to 4.5% in the quarter ended September, a six-year low. A crisis among shadow lenders and a build-up of bad loans at
