India's economy loses its lustre
February 15, 2012 15:39
President Obama came to India in November 2010 hoping to hitch America's recovery to the Asian nation's inexpensive labor and emerging middle-class consumers. Indians talked of a future when millions of their own would be lifted out of deep poverty.
What a difference a year makes. It's not just that India's economic growth has skidded to a halt. A series of key government reforms have stalled while an anticorruption campaign has created uncertainty about what tainted money lies beneath balance sheets. Investors are fleeing.
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