India must do more to ease its growth-crimping credit crisis

India urgently needs to find solutions to address the credit crunch in the country that is hurting businesses and crimping growth in Asia's third-largest economy, according to analysts. “The crisis needs to be tackled on a priority basis,” says Mahesh Singhi, the founder and managing director of Singhi Advisors, an investment bank based in Mumbai. “If left unchecked, we are looking at massive layoffs across industries, triggering a large-scale job [market] crisis, contraction in consumer demand and an investment slowdown.” The credit crisis in India that is rooted in non bank financial companies (NBFCs), commonly known as shadow banks, began in 2018 when one of the sector's biggest...