Indian Businesses are Drowning in Debt
Indian businesses, especially the so-called ‘too big to fail’ ones, are drowning in debt and are failing one after another. Here is a list of few of these businesses: First, the IL&FS default and insolvency. Also, DHLF , another giant housing finance company, is also near default. Second, Baba Ramdev’s Patanjali is struggling hard with slower sales and falling revenues. The major reason behind Ramdev’s fall is, Patanjali also suffered, like many others, from Modi’s 2016 ban on high-denomination banknotes and 2017 introduction of a new goods and services tax. The moves disrupted economic activity . Third, India’s second biggest private airline company Jet Airways has gone belly up after around 40 years of successful business. It couldn’t service its debt. Fourth, the Birla family owned Yash Birla Group has defaulted on its debt payment. Its owner Yashovardhan Birla is now declared a ‘willful defaulter’ by...