India’s Prime Minister Narendra Modi is putting the flagging economy back on center stage after announcing the biggest privatization drive in more than a decade and making renewed attempts to ring fence the crisis-ridden shadow banking sector.
The country is in the midst of a deepening slowdown amid waning consumption — the bedrock of the $2.7 trillion economy. And while Modi has targeted transforming India into a $5 trillion economy by 2025.
On Wednesday, Indian authorities went on an overdrive. The government decided to sell its entire stake in the country’s second-largest state refiner, and its biggest shipping company. It also approved a proposal to pare stakes below 51% in some companies and pushed for an introduction of a new industrial code bill.
Meanwhile India’s central bank seized a troubled shadow lender to try and contain defaults from spreading in Asia’s third-largest economy. Read More
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