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No people whose word for ‘yesterday’ is the same as their word for ‘tomorrow’ can be said to have a firm grip on time,” the novelist Salman Rushdie once quipped, referring to his Indian heritage.
The maxim is particularly apt when it comes to the slow pace of financial reform: since the early 1990s, the Indian elite has deferred efforts to liberate the banking sector from the vice-like grip of state control and attacked crony capitalists that lay siege to public-sector banks.
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