India, June 30 -- The pieces of the Great Indian Credit Boom puzzle have been around for some time now, and analysts have engaged individually with them. But a holistic macroeconomic consensus, in fact even a debate is yet to emerge. To be sure, we do not even know whether the changes on this front are structural or one-off. All these caveats notwithstanding, the original question is still worth engaging with in detail and, more importantly, objectively. The discussion which follows tries to do justice to this task by breaking it up into five subsidiary questions. The answer seems to be an unambiguous yes, no matter what side one looks at it from. Household balance sheets, as seen in the National Account Statistics data released by the gove...