'If the epidemic is sharply contained in a month or two, we have a huge buying opportunity. 'If not, we are staring at a serious economic crisis, the contours of which we are totally unaware of,' warns Debashis Basu.

'The assumed linear correlation between forced lower yields, higher bank borrowing from the RBI, higher lending, and higher growth involves leaps of faith, each a step on the quicksand of false beliefs,' warns Debashis Basu.

'Put the assets of PMC Bank and the personal assets of the HDIL promoters and head of PMC Bank in an escrow account and ring-fence it from the ad hoc action of the revenue departments and creditors,' recommends Debashis Basu.

'We can only hope that the government has finally 'got it' and will stay focused on improving productivity, demand, and governance,' says Debashis Basu.

'The deeper problem is big government -- a giant monster with a giant appetite, which requires it to put more and more pressure on tax officials to extort. 'And the monster is getting bigger by the day. But then, Mr Modi too knows this,' says Debashis Basu.

'No Budget has so far has addressed the issue of the government's abysmal productivity of capital spending, improving which will be the big game changer. 'But, the government's tight lock on businesses, banks, education, and even essential services like transportation and large parts of infrastructure and healthcare is destroying capital year after year,' points out Debashis Basu.

'Why are FMPs used as a vehicle for promoter funding against listed shares?' asks Debashis Basu.

For the past 10 years or more, the RBI has been turning down dozens of applications under the RTI Act that sought disclosing the list of wilful defaulters and the RBI's inspection reports. In fact, it is the only organisation that has a granular and complete view of the heist that has been going on for 25 years at least. But it has escaped any blame for the multiple rounds of bankruptcy and massive periodic recapitalisation of public sector banks caused by bad loans. In fact, they don't want anyone to know how incompetent and collusive they have been in handling bad loans, says Debashis Basu.

The Securities and Exchange Board of India does not seem to have understood the enormity of what funds have been up to. If Sebi does not crack down on mutual funds using cooked-up credit ratings to hide behind promoter funding, this is bound to grow into a systemic menace, says Debashis Basu.But MFs decided to become lenders without the legal backing to secure themselves, or the skillset to assess lending risk. If Sebi does not crack down on mutual funds using cooked-up credit ratings to hide behind promoter funding, this is bound to grow into a systemic menace, says Debashis Basu.

Those behind recapitalisation are neither aware nor do they care. After all, they have no skin in this game. And the Lok Sabha elections are round the corner. That's what they care about, points out Debashis Basu.

What was the RBI doing, what was the PNB top management doing, what were the auditors doing, asks Debashis Basu.

To say capital gains from stocks are effortless shows little understanding of the treacherous investing terrain, says Debashis Basu.

The market players were expecting that if long-term gains are taxed, the STT would go. But this has not happened, says Debashis Basu.

While the PM sees zero tax on long-term capital gains and dividend income as unfair since the beneficiaries are not poor, he is silent on the fact that rich farmers too don't pay taxes, since farm income is tax-free, a loophole exploited by many netas and babus, says Debashis Basu.

India borrows ideas that we don't need, like the FRDI Bill, and ignores the ones we need, like rewarding whistleblowers such as the ones who want to save Bombay Mercantile Bank, says Debashis Basu.

Why do we need a cure here for peculiarly Western diseases when we don't have those diseases, and which the West itself is not trying to cure, asks Debashis Basu.

'It is strange a government that is bold and coercive has meekly chosen to do more of what has repeatedly failed to work in the past.' 'And sadly, rating agencies, the business community, fund managers, and analysts, who know this, have chosen to act as compulsive cheerleaders,' says Debashis Basu.

Banks are cheating customers with rates that are unfairly high, discriminatory, and opaque, denying legitimate savings to borrowers, while the RBI has been looking the other way, says Debashis Basu.

It is clear as daylight to anyone that a charge or a cost to simply reduce interest on a floating rate loan is extortion, but this is exactly what the RBI has officially sanctioned, says Debashis Basu.

Bad loans continue to originate mainly from state-owned banks, where the top management's responsibility is not linked to career prospects nor has legal consequences, says Debashis Basu.

Digital services work best when the seller designs a system where default options are designed to help the buyer, says Debashis Basu.

'The problem is not the performance under Vishal Sikka, but the quality of Infy's board of directors, argues Debashis Basu.

Debashis Basu lists various reasons why laundering through the stock market thrives.

Consumers will thank the Modi government for this simple yet revolutionary move, which is long overdue, says Debashis Basu.

The government has provided no official explanation behind the note ban that is backed by hard data, says Debashis Basu.

The average bank customer does not know about the Customer Charter because it was designed - under Mr Rajan's regime - to be a lame duck initiative from the start: violating the charter has no consequences, points out, Debashis Basu.

The RBI has created a stunted business model by which payment banks are supposed to shoulder the noble objective of financial inclusion without being able to make much money.

The successful implementation of the new Act will depend on a much bigger involvement of the state through a huge new superstructure of registration, certification and supervision

We remain at the mercy of the global economic climate.

This mindless medley of products does not create choice.

Instead of condemning all businessmen, the PM may like to listen to some of them.

It is best to invest long-term surplus in stocks or equity mutual funds.

The Sensex was around 18,600 by the end of August.

My sense is that we are in a situation similar to 2011-13, notes Debashis Basu.

The best investment schemes fail if they don't offer incentives to intermediaries to push investors.

After the Bihar setback, these are the issues the PM must address to maintain the people's faith in him.

Even if Mudra steps in to play its main role of refinancing at some stage, the responsibility for the bad loans remains with the banks.

Each scam that comes out in the open shows the regulators to be miles behind.

Today, the single most popular route of laundering is the stock market platform, notes Debashis Basu.

Multiple organisations of different kinds with overlapping goals would be a dream situation for those who believe in competition and innovation.