In spite of Arun Shourie's whining about the need for TARP, the fact is that India's banks aren't paralyzed, and are drawing global capital to do their lending:
https://www.bloomberg.com/view/articles/2017-07-19/india-s-banking-vigor-stokes-its-economic-boom
The drop in industrial output means that another rate-cut is likely in the future. With GST, more international investment will keep coming.
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