Banking sector reforms following recapitalization are perhaps as important as the specifics of the bail-out programme
On 24 October, finance minister Arun Jaitley unveiled a slew of measures to mitigate what the Economic Survey called the “Twin Balance Sheet (TBS) crisis with Indian characteristics". The cornerstone of suggested measures is a Rs2.11 trillion package for the beleaguered banking sector. Chief economic advisor Arvind Subramanian called this package Brahmastra—the most effective weapon in the Hindu mythology.
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