Bad Debt raises Risks India's Growth

The percentage of loans in default at Indian banks stood at 4.3% in December last year, more than twice the 2010 value. That compares 2.1% in Indonesia and 1.1% in China, whether it is reliable or not, especially in China. Bad loans at US banks ell to 2% last year.

According to recent each Indian bank's released data, NPL, nonperforming loans, ratio seems to be increasing further at the end of 2nd quarter. Banks are still suffering...

In addition, EM credit bond traders say these woes are already reflected in market. Although the momentum will likely be negative further, it's difficult to transfer Indian banks bonds to another one, because alternative bonds are not sufficient in global market.
Does it mean the momentum of deteriorating is not too strong, or remaining power of global liquidity?