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A cobbler's suggestions to mend the economy

One-time restructuring of real estate loans and a large fund to buy toxic assets and equity in banks and NBFCs can bring back the animal spirits in the economy

Tamal Bandyopadhyay 

Tamal Bandyopadhyay

This is an apocryphal story narrated by Rabindranath Tagore in one of his poems. One day King Hobuchandra told his minister Gobuchandra that his feet should not get dirty when he stepped on the ground. Millions of brooms were purchased to ensure a dust-free kingdom but the whole state, the king’s palace, and even the sun, got covered by the dust raked up by the brooms.

A sick king started coughing. The water from the lakes and ponds was used liberally to settle the dust. The kingdom was flooded and, much to the king’s annoyance, the dust turned into mud. When this experiment ...

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First Published: Sun, November 10 2019. 21:39 IST
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