.........An explanation for the slow growth rate of manufacturing in India, as recently offered by the Governor of the Reserve Bank of India (RBI), runs in terms of the ‘poor risk-appetite’ of the country’s industrial sector. This not only overlooks the cost of credit, considered very high even by the Ministry of Finance, but also aspects concerning the portfolio balance of firms in the corporate sector. Looking at the balance sheets of Indian corporates, as per RBI estimates, one notices a decline in the .........
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