The housing-credit data is the part I’d keep coming back to. India’s credit story isn’t just about whether borrowing is rising, but where that leverage is accumulating and what households are borrowing against. That distinction matters a lot more than the headline growth number.
Leverage accumulating at all wrong places for households
The housing-credit data is the part I’d keep coming back to. India’s credit story isn’t just about whether borrowing is rising, but where that leverage is accumulating and what households are borrowing against. That distinction matters a lot more than the headline growth number.