The Indradhanush was a good plan, but to end the Indian story differently, we need soon a much more powerful plan – “Sudarshan Chakra” – aimed at swiftly, within months if not weeks, for restoring public sector bank health, in current ownership structure or otherwise.
References Acharya, V.V., T. Eisert, C. Eufinger, and C.W Hirsch (2015), ‘Real effects of the sovereign debt crisis in Europe: Evidence from syndicated loans’, CEPR Discussion Paper No 10108. Acharya, V.V., T. Eisert, C. Eufinger, and C.W. Hirsch (2016), ‘Whatever it takes: The real effects of unconventional monetary policy’, Working Paper, New York University Stern School of Business. Acharya, V.V.