Finance India's shadow banking scare could derail its robust growth story Updated : September 27, 2018 12:39 PM IST Hundreds of other people working on the project are out of a job because of non-payments by IL&FS. The company has defaulted on its debt obligations, roiling Indian markets and sparking worries of a credit crunch in the shadow financing sector. A fall in economic growth would be a blow to Prime Minister Narendra Modi and the ruling Bharatiya Janata Party, which is already under pressure from protests over rising fuel costs. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.