Why growth has stalled – and it’s not what the FM is telling u

........The solution is to create a separate body to develop a robust non-banking financial sector and free it from the RBI as well as the bureaucratic clutches of state governments. The RBI’s hands are full and so there is no point in complaining that it is not alert about the crores coming from non-bank sources – leading to dubious use and abuse. The developmental authority for the non-bank sector should primarily focus on helping partnership and proprietorship firms in the economy through appropriate credit mechanisms and non-strangulating regulations............

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