Banks, for their part, view the fees charged for capital-raising in part as a pay-off for the effort and expense put into their corporate-broking work.
Capital expenditure may have a pay-off in the long run but, given the ever-shortening career span of the average chief executive, few may be willing to take a chance that they will be around for the long term.
Lower growth than that would make the public debt harder to bear and scare off the foreign capital that India needs to fund its current-account deficit and pay for its imported energy.