India is a country with a large population and economy, but in spite of her tremendous growth, she is now facing a potential recession amid worsening employment concerns:
Credit analysts are keeping a watchful eye on signs of stress in Indian household debt after unemployment rose to a 45-year high and as lenders grapple with the worst soured debt levels of any major economy.
India’s bad debt malaise has centered on corporate debt, and loans to individuals have been seen as safer and a growth opportunity for banks. Given the slowdown in the economy and a drying-up of credit from shadow banks, analysts are signaling potential risks, though publicly available data on personal loan arrears is sparse.
“There’s stress building up for sure in retail loans,” said Saswata Guha, director for financial institutions at Fitch Ratings. “Whether it manifests into higher defaults will depend on how the economy shapes from here.”
Slowdown Spillover
The government last week unveiled steps ranging from concessions on vehicle purchases to hastening of capital infusion in state-run banks to help re-ignite an economy that’s slowed sharply on the back of weak consumption. Defaults have increased funding pressure at India’s non-bank financiers — historically an important provider of consumer loans. That’s curtailing their ability to provide loans, and having knock-on effects for consumption, according to Fitch.
Read about India’s hiring activity slowing as economy cools
Non-performing retail loans rose to 5.3% of the total retail lending book at State Bank of India — the nation’s biggest lender — at the end of June from 4.8% in the previous quarter. The bank has expressed confidence it can control any slippages this quarter.
“We could see trouble among individuals to repay their loans if the stress in the Indian economy rises,” said Dwijendra Srivastava, chief investment officer of debt at Sundaram Asset Management Co. in Mumbai. “Businesses in India aren’t doing well, so it may directly hit employment and in turn the ability to repay loans.” (source, source)
This situation should be watched carefully. India is currently undergoing a revival of nationalist fervor. Christians and Muslims alike are being routinely attacked to such a point that violence is a normal and daily occurrence, and the calls for even more violence up to the point of genocide are being shouted by Hindu nationalist leaders and the people are absorbing their ideas.
The stories of violence are almost unbelievable with cases of Hindu nationalists attacking Christians while they are at church, having Christians banned by law from preaching, having Christians arrested under blasphemy laws for ‘insulting Hinduism‘ or in some cases cutting their tongues out, destroying Christian schools, calling for the mandatory sterilization of all Christians and more to such an extent that a Christian is attacked every 40 hours. These Hindu nationalists have openly admitted that their goal is to drive all Christians out of India and for those who remain to make them worship cows and other Hindu deities, and to murder those who refuse. Christian bishops have been repeatedly warning about this, and even formerPresident Obama has come out and alluded to this issue.
The Hindu nationalists have admitted they are waiting for a major conflict to distract the attention of the Western world so they can indulge plans already set up and waiting to be enacted that will round up and execute Christians in death camps the same way that so many Slavic people, gypsies, and Jews were put to death during the Second World War and the rest will be hunted down or forced to flee.
Hindu nationalists are anything from friendly. They hate Jesus, they hate Christianity, and if you are a Christian they hate you. They admit they cannot wait until they get more power so they can ‘throw you into the ovens.’ These people have a lust for your blood and they are preparing to indulge their thirst.
Take them seriously, because they mean what they say.
People say that they had no idea that what happened in the first or second world wars did happen. Yet for years, the processes that allowed for those events to take place were permitted to go unchecked, and even if they could not be stopped, so few were able to see or were aware of what was taking place.
In the event of a major economic crisis that could threaten the political situation in India, it could be very politically convenient to “blame” the situation on Christians or Muslims. Governments throughout history have been known to use minority groups to scapegoat their own problems, and fundamentally speaking nothing changes in this regard, and India is not an exception at all.
Christians in the West and throughout the wold need to pay attention to what is happening in India because we are witnessing in real-time the buildup to a mass murder akin to that which happened last century in Europe. What the exact trigger will be that causes said actions, such as the various National ID Card (“aadhar system,” which you can read about in the Shoebat archives) provisions or other kinds of forced controls on economy and education made in the name of Hindutva ideology, is up for debate. However, since India seems to model her actions off those of the Western powers, it will likely be a “crisis” of some kind, real or manufactured, that will be used to jump-start further provisions that will later on be used to implement genocide.