NEW DELHI - India’s government is in talks with foreign lenders to provide as much as $14.5 billion in credit to millions of its small firms, two officials said, in a sign the country’s banking system may not be robust enough to do the job on its own.
KfW’s India office confirmed the discussions, though the main focus was on credit lines to support small businesses’ solar power generation. The talks were at an early stage, KfW said. “We are exploring, we are having discussions with various funding agencies if something can be done ,” the second official said.
The push for foreign loans comes on the heels of the Indian government’s announcement earlier this month that it plans to borrow about 700 billion rupees by issuing overseas sovereign bonds. But credit availability for small and medium firms, which also account for about 45% of India’s total exports, has worsened due to a liquidity crisis in the country’s shadow banking industry that has seen big lenders struggling to remain solvent.
Last month, a study by a Reserve Bank of India panel said the overall deficit in credit for the MSME sector is estimated at about 20 trillion rupees to 25 trillion rupees.
Thank gawd for OSHA.
Ivanka is as vile as her dad.
The apple doesn’t fall far from the tree.
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