India’s crisis of confidence

Capital-starved India sends its money abroad, not just as laundered cash but as foreign direct investment. What could be more absurd?

When it rains, it pours. The monsoon showers have been tardy this year but criticism of India’s economic management from domestic and international investors amplified by the financial press has become a virtual torrent.

P Chidambram, India's progressive finance minister

Bad news is followed by worse. No sooner does the government buckle under political pressure to postpone every item of business reform than markets tumble, the...

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