Prime Minister Narendra Modi has a magic way of making India’s big problems quickly disappear, like smoke up in the sky. Last year, Modi made India’s corruption problem disappear —at least for a few months -- by getting rid of “black money,” the 500 and 1000 rupee notes. He unveiled a plan that will make all bad loans disappear from bank books overnight, without adding a single rupee to the country’s budget deficit! By giving big banks a big gift of $32.4 billion, and having them — bank depositors to be precise -- pay for it. The securities item increases by X dollars because the banks have bought the recapitalization bonds issued by the government.

Source: Forbes October 29, 2017 23:15 UTC