The Indian government surprised the markets with a series of measures last month.
It sharply raised prices of diesel (a heavily-subsidised transport fuel), capped cooking gas subsidies, and opened up its retail, aviation and power exchange sectors to foreign direct investors. Divestment in various government-owned entities was also announced. Most significantly for India’s critical infrastructure story, a National Investment Board has been proposed, which should speed up decision-making for projects above $200m and bring it directly under the supervision of the Prime Minister. Unlike Great Britain, which punched well above its weight in the recent Olympics, India h...
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