One of India's strengths is its companies. In general they are profitable, well-run and have healthy balance-sheets. But the country has long had pockets of indebtedness, too. A tradition of "promot-ers"-as individuals or families with controlling stakes are known-can lead firms to borrow rather than dilute down their masters' stakes by issuing shares. A rabble of public-sector walking dead, from Air India to local electricity boards, bleed cash yet still get access to state-owned banks. And a boom in infrastructure projects, from roads to power stations and airports, is being paid for with debt. Some of these projects are now in trouble because of red tape and a slowing economy.
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