Economic Survey: Balance sheet recession puts India on road to deflation
Economic Survey argues the problem of over-leveraged private sector balance sheets makes current economic downturn resemble what Japan, Spain, China experienced in recent decades
India is now grappling with a balance sheet recession that has perhaps put the economy close to deflation. This stunning insight lies at the heart of the excellent second volume of the Economic Survey released by the finance ministry on Friday. The first volume was released in January.