Indian government officials are doing cartwheels through the Lok Sabha after raking in Rs106 billion $2.3 billion from the country's largest ever equity offer. The sale of a 10% stake in Oil Natural Gas Corporation has, in a single stroke, raised more money than the entire history of India's privatization effort.
In the run-up to elections the government is hoping this prodigious cash generation will demonstrate it is fit to govern for another term. It is, after all,...