The recent forecasts by the IMF, RBI, ADB and Fitch, all predict a slowdown in the Indian economy in the coming years. As against its earlier predictions of 7.5%, the IMF has cut this year’s growth rate of India to 7.3%. Indian corporates are unwilling to risk their capital into new ventures and are sitting on a record bank balance of over Rs.6.50 lac crores. While the PM may not be willing to openly accept the national crisis that the small scale sector faces, this grave reality does not go unnoticed by him, as a politician. In this episode of the Business Tit-Bits, our Business Editor Mr Akhilesh Bhargava talks about how schemes like 59-minute loan mela will not help bring any reform.
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