 "Illustration: Ajay Mohanty")
The Indian financial system is going through an unprecedented clean-up. From auditors and rating agencies to the banks and funds, everyone is tightening standards. In the long term, this is a very healthy development, as it ensures that meritocracy will triumph. No longer can one get away with managing the system, rely on name-based lending or keep kicking the can down the road. Every type of market participant is running scared, and trying to be extra careful. There is accountability for action and, even more importantly, non-action.
This continues a process that began with the implementation of the Insolvency and
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