India’s biggest economic problem is in the efficient allocation of capital. Bad loans in the banking sector have been one symptom of this problem. The latest example is the crisis at Infrastructure Leasing and Financial Services (IL&FS), which has defaulted on some of its debt obligations.
Recently, External Affairs Minister Sushma Swaraj has had a productive diplomatic sojourn in New York. She met a larger number of foreign leaders on the margins of the UN General Assembly. There was one big missing link though.
One had hoped that the judiciary would show the way forward with regard to preventing candidates facing criminal charges from contesting elections, but in a recent judgment, the Supreme Court has left it to Parliament to legislate on the subject.
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