India’s infrastructure conundrum: Why structural reform is the only answer

Indian infrastructure has been reeling under a creditworthiness contagion due to an increase in stressed loans and the large sum owed by financially crippled loss-making state-owned utilities. The resultant twin balance sheet problem with stranded investments and a stalled pipeline of public-private projects (PPPs) arose due to regulatory lag and slow judicial process, exacerbated by state government interference in regulation and operations.

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