In the first place, our government wanted to make our people spend more money on consumer goods once considered luxury. They brought in foreign and private banks to lure people. They campaigned, lured and sometimes even forced people to take loans. There were regular phone calls, sms, visits, what not. The sales picked up; cyclist bough bike; biker bought car; car owner bought one more or a newer car; once the marketers got their money, bankers started their work. Naturally enough, one who could not afford a car having bought it for zero down payment and 100% loan, cannot be expected to be regular in EMI payments. Private bankers cannot sit idle - after all it is their business to lend and recover. Traders got their sales and profits, bankers got their business and interest; in some cases the properties were confiscated ignoring already paid EMIs. Once the matter has gone out of hands, the government has now waken up to people's problem! What a surprise. No wonder, when elections are round the corner, any magic can happen. Why should anybody who cannot normally afford to rush in to buy material on such loans. They have congested roads and their own lives now. Nothing but globalisation effects. You know, in States everyone has a car - atleast so they show in TVs. So why not we follow them? But also be aware, in US they recover just like this. This is also globalisation effect, after all! Jai Manmohan, Jai Chidambaram.
