Banking and Misallocation in India

India has not only been one of the fastest growing economies in the world in the past two decades, but has also been a major growth engine for the world economy through a series of crises and prolonged business cycle fluctuations. During this period, India has also graduated to becoming one of the biggest economies, emerging market and otherwise, and has been touted as one of the "vibrant spots" in the faltering global economy since the onset of the 2007-08 Financial Crisis, accounting for almost 15 per-cent of the global growth as recently as 2018. One of the principal sources...