In New Delhi this week, IMF Managing Director Christine Lagarde joined the chorus of voices pressing India's government to tackle ambitious reforms to land and labor markets. Prime Minister Narendra Modi has so far stopped shy of such big-bang measures, whether because he doesn't think they're necessary to revive growth or because they're politically impossible. But there's one area where the government is going to have to think more daringly if any of its other efforts are to bear fruit: India's ailing banking sector.
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