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The painful lessons of India's latest corporate credit shock

IL&FS raises questions over management, regulation and infrastructure development

| India
Without firm government-led intervention, IL&FS's defaults could have a catastrophic impact on India's economy.

India's longest road tunnel -- running for 9 km under the foothills of the Himalayas and connecting the two biggest cities in the mountainous state of Kashmir -- should be a source of national pride.

Instead the debt-laden project has helped bring its backer to the brink of financial collapse and become a symbol of a deep-rooted economic malaise.

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