Let's arrange a nice, new loan: subservience of big banks to corporate difaulters

The year 2002 appears impossibly distant to contemporary India. Mobile-phone ownership jumped 75%, yet no more than 6 million Indians owned mobile phones (as compared to more than 800 million today). Prime Minister Atal Bihari Vajpayee  spoke of “shameful events” in Gujarat, and inaugurated the Delhi Metro.

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