India's Growth Slows Down: Is The Economy In A Deeper Crisis Than We Think?
India's growth has slowed down, the latest GDP numbers are out and in this quarter it has come down to just 5 per cent - much lower than what was expected, and in fact, the lowest in six years. Just a couple of hours before the data was released, the finance minister announced the merger of PSU banks, cutting the number of government banks in India from 27 to 12, arguing that this was needed to strengthen credit. The government hopes this will improve lending to businesses and ordinary folk right down to the branch levels. On The Big Fight, we discuss whether this move by the government will be enough or is the economy in a deeper crisis than we think?
