India, Feb. 12 -- In her budget speech this year, there were times when the finance minister was a bit unclear. For example, Nirmala Sitharaman cryptically announced, "The vision for NBFCs for Viksit Bharat has been outlined with clear targets for credit disbursement, and technology adoption. In order to achieve scale, and improve efficiency in the Public Sector NBFCs, as a first step, it is proposed to restructure the Power Finance Corporation (PFC) and Rural Electrification Corporation (REC)." Most people understood the second proposal as operational restructuring, rather than a mere financial jugglery. Experts felt that both PFC and REC will take measures to boost credit.

It was not like this. When details crept out, it turned out tha...