India, Sept. 22 -- India's non-performing assets (NPAs) increased at the beginning of the last decade because of the natural turn of the business cycle, but also because much of the underwriting was done based on political due diligence rather than commercial due diligence. As we entered a strong dollar cycle globally from 2011-12 to 2020-21, the chickens came home to roost with the pandemic being the final kick....