India’s politicians and bureaucrats often get knocked for their dithering and inability to make clear-cut decisions. So it’s only fair to praise them when they get something right. In recent weeks, the government has made three announcements that could have huge implications for India’s distressed debt market.
The big news is that foreign investors will be able to buy Indian banks’ and financial institutions’ bad debt. The moves could also help develop a junk bond market.
Specifically, the government...
