Instead, they're stuck in this cycle where people invest in property and the property companies have been taking on debt to obviously grow that industry.
Covid-19 delivered a major blow to many low- and middle-income countries that had borrowed heavily during the era of low interest rates beginning with the 2008 financial crisis.
A decision in June to expand grain handouts means that India's central government is likely to borrow more than 6.8% of GDP expected in the budget for the 2022 fiscal year.