#mysteryofIndiasvanishinggrowth It's paywalled, so the hi-lites: I discovered whr a large part of India's growth vanished. #longtweet
opening fact: Institutional investors, eg US private equity funds/their local mgrs, route finance to India through offshore countries eg Singapor
eyeopening fact (IMPORTANT): Conventionally the overseas debt is 1st accounted for as equity until, like all loans, it comes up 4 repayment @ which point it goes on the books as debt. These loans are bonds, whose full technical name is the compulsory convertible debenture-CCD.
debenture=complicated word for debt;
the loans come w specific contractual clauses such as guaranteed time-bound repayments.
Sadly, developing countries (eg India) r unable to borrow in domestic currency, an existential crisis. Rupee bonds exist but not many investors want them