C Rangarajan, securitisation remains voodoo for policy makers. On the state policy front, stamp duties and legal difficulties in marketing such papers makes the market impossibly costly to set up.
The result is the poor don’t get the houses, the demand for housing material remains muted and a powerful value-add for the economy lies untapped. Then how does one expect to climb out of the low growth rate of 5 per cent or thereabouts for the economy?
Subhomoy is a Deputy Editor based in New Delhi.