Long term interest of the nation is paramount. Utmost transparency is required coupled. But the reality is that Indian corporates have to sell their assets to pay off debts. But it is a time consuming process because the buyers, today, are rational, cautious and brutal bargainers for stressed assets in the time of slow global economy. All the time we cannot blame the entrepreneurs for their business losses because there are so many uncontrollable causes. The bankers or creditors must consider the reasons of sickness such as slowing of globally economy, dumping of goods by overseas countries, delay in processing and statutory clearance, innovation of competitors, global competition, recession, labor problems etc.
India is the third largest economy, globally and it accounts for 6.8%of Gross Domestic Production (of the world GDP based on purchasing power parity in 2014). Stock market is still not stable and hence entrepreneurs have to depend largely on debt market. Rupee may decline further against dollar. Brexit will have an effect on India’s economy and, has of course, induced a huge amount of uncertainty to markets. It infers that people are tired of free trade and immigrants who shrink the jobs and dilute the culture.
”Global India ‘ should be the focus of Government of India. Banks have to cut rate of interest. Laws relating to labor, punishment for non-payment of debt, fines and penalty etc. Should be reformed.
How can entrepreneurs who have put in their own life savings, further stake friend’s and relative’s money or cause the death of a unit? When the industries become sick, not only do entrepreneurs lost money, shareholders and all others also lost their money.
So, banks, in our country needs to sustain nurture the sick entrepreneurs. Banks must not burden the sick units by charging penalty interest or high rate of interest. It will be better for banks to appoint the administrator, an insolvency practitioner to administer the sick unit and run till a new buyer is found. He may call for bids and handover the unit to the best bidder.
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