The lack of a legal resolution framework for non-banking finance companies (NBFCs) that have defaulted was finally addressed by the government when it extended the Insolvency and Bankruptcy Code (IBC) to also include the financial sector.
The deep in stress telecom sector got some relief when following Bharti Airtel and Vodafone Idea, Reliance Jio indicated it will take measures in coming weeks to appropriately increase tariffs.
Government actions have bolstered sentiment and sent out a reformist signal.
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