Bad loans in banks - the biggest choke to investment and credit growth in India - have grown 15% in the six months from December to June, to $138 billion, says Reuters. Weak credit and investment is already weighing down industrial production numbers, which contracted by 0.7% in August. The RTI request filed by Reuters resulted in the release of these numbers, just as the government has been weighing options to clean up these bad assets. The options include setting up a 'bad bank' that buys up these assets, a bank by bank cleanup, or asset swaps. Former RBI governor had opposed the bad bank option, but it remains on the table. Any entity set up would have to address this problem with government funds, meaning that one way or another, the taxpayer will be on the hook for this debt. 

While bank NPAs remain a growth overhang, the government is working with McKinsey to address other issues of regulation, to unshackle businesses and make it easy to grow in India. An early focus has been on eliminating the paperwork required by businesses, and digitizing many requirements including labour certifications. 

Facebook has launched Workplace, a company communication tool which puts the company in direct competition with businesses like Slack and Skype. Workplace does not connect to FB personal accounts, and while it has a news feed, the feed would be limited to company announcements and memos. The tool also allows voice and video calls. 

Photo of the Day: militants have taken refuge in a government entrepreneurship development institute and are clashing with police in Pampore, Kashmir. The militants apparently crossed over via the Jhelum river. AP/Firstpost