Debt markets have seen lot of volatility, and some cases of defaults and steep downgrades in the last nine to 12 months. We have also seen significant regulator and government intervention to ensure the fear of contagion is kept at bay in the last nine months. Markets have taken this as a positive, and started normalizing after September 2018.
The macro story for India is quite intact and I don’t see a widespread credit deterioration. While recent high frequency indicators are all point ..
