Since in India, Judiciary is held in high esteem, and there are cultural issues of not questioning why the Judicial system of the country is failing the country, the failure of this arm of governance has far reaching consequences.
While exoneration of a recklessly driving Khan is widely evident failure, there are many more nuanced ones that we don't see. One example is the NPAs of various banks. Today, particularly the PSU banks are sinking due to NPAs, their plummeting stock prices too have started reflecting this, but if the judicial processes were smarter and swifter and structure of the legal system not meant to protect the defaulter, the NPAs would have been less than half.
What you treat as NPA to a large extent depends on the judicial / legal system of the country. In our country, it is almost impossible to nail the big defaulters. Then it is upto to the system, which loan it starts to recognise as non performing, and decides to no longer chase. If judicial system was quicker, what the banks recognise as NPA today would be perhaps less than half.
But who hauls up the judiciary. They are still taking 3 months summer vacations like nursery toddlers.
While exoneration of a recklessly driving Khan is widely evident failure, there are many more nuanced ones that we don't see. One example is the NPAs of various banks. Today, particularly the PSU banks are sinking due to NPAs, their plummeting stock prices too have started reflecting this, but if the judicial processes were smarter and swifter and structure of the legal system not meant to protect the defaulter, the NPAs would have been less than half.
What you treat as NPA to a large extent depends on the judicial / legal system of the country. In our country, it is almost impossible to nail the big defaulters. Then it is upto to the system, which loan it starts to recognise as non performing, and decides to no longer chase. If judicial system was quicker, what the banks recognise as NPA today would be perhaps less than half.
But who hauls up the judiciary. They are still taking 3 months summer vacations like nursery toddlers.
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