India, Feb. 24 -- A sustained revival of private investment is one of the biggest questions haunting economic growth in India. Even senior government functionaries have spoken about the issue now. What is the root of this problem? It could be explained if financial conditions in the Indian economy were too tight, thereby depriving demand of debt tailwinds. But that is hardly the case in India and personal credit has been gaining momentum rather than losing it. The answer, an HT analysis of credit data shows, could lie in what could be termed a decoupling between debt and (industrial) development in the Indian economy. Here are four charts which explain this in detail.

Published by HT Digital Content Services with permission from Hindusta...