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India's Credit Crisis, Ajay Has to Leave
Amitai Etzioni: I don't think through all these years, there's really been a recognition of it. The genesis of the problem was that in the mid-2000s, people became absolutely convinced that this was India's time and now it was India's turn. And so everyone decided that there needed to be a huge expansion of infrastructure. These were regular businessmen making a business calculation, which made sense at the time. But they paid for it because if you just think you double capacity in expectation that that capacity would be needed and it turns out that it's not needed, then you have a problem.