In a new book based on his time as deputy governor of India’s central bank, Viral Acharya warns that India’s bloated public sector is strangling growth. The economy urgently needs institutional reform, he tells Tim Phillips – and now is the perfect time to do it.
Viral’s book is called Quest for Restoring Financial Stability in India, and is published by Sage India.

[unable to retrieve full-text content]Viral Acharya tell Tim Phillips that the action to save Europe’s financial sector after 2008 has delayed reform in the banking sector – creating a decade of lending to zombie firms that has stifled economic growth.