, Columnist
How India’s Banks Ran Up a $7 Billion Phone Bill
Failing to take the initiative before the inevitable bankruptcy of Reliance Communications has cost them money.
That’s some late charge.
Photographer: Dhiraj Singh/Bloomberg
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For a capital-starved economy, India shows little urgency to extricate good money stuck in failed businesses.
That was going to change after the adoption of a modern bankruptcy regime in May 2016. Alas, legal improvements notwithstanding, the culture of extending the life of bad loans to big businesses and pretending nothing is wrong with them is proving too hard to end.