“With mounting debts at some large NBFCs, economists now expect some to go bust and put India’s financial system at risk. ‘This is a crisis waiting to happen,’ said Vivek Dehejia, an economist at Carleton University in Canada.”
(Benjamin Parkin, “India’s shadow banking crisis sparks credit crunch,” Financial Times at www.ft.com)
Professor Dehejia comments on India’s move to spend more posted 5 July 2019:
“‘It would be good for the world if India came on like gang busters and really shot up,’ said Vivek Dehejia, an economics professor at Carleton University in Ottawa, pointing to concerns about lost momentum in China, Europe and the U.S. ‘Given the state of the global economy we could use more drivers of global growth,’ he said.
…
“Mr. Dehejia said Mr. Modi’s re-election mandate empowered him to push through economic overhauls—but that he has missed the opportunity.”