A perimeter wall stands under construction in Nuagaon, Odisha. (Photographer: Prashanth Vishwanathan/Bloomberg)
In the 70 years since independence, it is clear that we in India have done a poor job of expanding access to credit, in terms of availability, in ensuring consistent risk-based pricing, and in providing good product designs. While most well-run financial systems, such as in the United Kingdom and Australia, report credit-to-GDP ratios exceeding 150%, in India not only is the aggregate number low at 60%, but it ranges from an estimate...