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Policy and regulations

1
Policy and regulations

How foreign funds, using NBFCs as proxy banks, are leaving India and Indians poorer

Away from the regulatory glare, venture capital and private debt funds can put money into NBFCs and run them as shadow banks. The gains from their ‘investments’ in India flow back to their funds in dollars, draining the country’s foreign-exchange reserves. Effectively, the huge supply of dollar-denominated debt only makes the country poorer, and taxpayers end up picking up the tab.

Policy and regulations

How foreign funds, using NBFCs as proxy banks, are leaving India and Indians poorer

Away from the regulatory glare, venture capital and private debt funds can put money into NBFCs and run them as shadow banks. The gains from their ‘investments’ in India flow back to their funds in dollars, draining the country’s foreign-exchange reserves. Effectively, the huge supply of dollar-denominated debt only makes the country poorer, and taxpayers end up picking up the tab.

Policy and regulations

A tale of two regions: why the government should act fast to address the north-south economic divide

The Indian economy exposes a stark disparity. While its southern and western belts are exhibiting resilience amid a slowdown on higher disposable income and job opportunities, the central and northern regions — home to nearly half the population — are languishing. The government must turn this potential demographic dividend into reality before it becomes a nightmare.

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