What is the 'Four Balance Sheet Challenge,' and is India still struggling with it?
A 2019 paper co-authored by Arvind Subramanian, former Chief Economic Advisor to the Government of India, and Josh Felman sheds light on the economic challenges India faced at the time. The authors highlighted a "Four Balance Sheet Challenge," warning that the economy was heading toward an «Intensive Care Unit» due to mounting financial stress.
Subramanian argued that the roots of this issue could be traced back to the "Twin Balance Sheet Problem."
However, Finance Minister Nirmala Sitharaman has recently stated that India now enjoys a “twin balance sheet advantage,” marking a significant turnaround for the economy.
“The twin balance sheet advantage is evident in both opportunity and confidence that this situation offers us,” Sitharaman said in May this year.
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