Completely disagree with this opinion on economy by Prem Shankar Jha. There are two ways of reducing the corporate debt which has built up over the years
1. Inflate the debt away by allowing higher inflation which automatically reduces the value of money and debt and increases the value of asset. This is what crony capitalism is about, this is when transfer of wealth happens to rich from poor. This is what successive govt have done till we instituted inflation targeting. Mr Jha is advocating going back to currency depreciation to gain competitiveness
2. The second way is the road less travelled known as inflation targeting. it is the single most important reason that we see our yesterdays corporate icon not able to pay their debt. lower inflation reduces the value of asset and increases the value of debt. But it also leaves purchasing power intact in hand of people. Yes it is also leading to stagnating economy but it is not a cause of stagnation.
you can decide yourself which one is better
https://thewire.in/economy/the-indian-flu-or-why-the-crash-of-the-economy-is-imminent