Cut off their remittances via parasite H-1B visas into the west, and their economy sinks like a rock. India is going nowhere fast.
“Another shadow bank in India has missed a bond payment. That’s a reminder to the new government that a mega-bailout of the country’s distressed financial industry is now unavoidable.
Ever since the collapse of infrastructure financier-operator IL&FS Group in September, an event I termed India’s mini-Lehman moment, the funding woes of the country’s nonbank lenders – those that operate without state-guaranteed deposits or access to central-bank liquidity – have kept worsening”.