A Place in the Sun

If ever a country needed a vote of confidence, India did last week. A plunge in stocks listed on Bombay's main market index continued, vaporizing some $87 billion in investor wealth in just four days and raising doubts about the sustainability of India's boom. But then came a spot of cheer: IBM—which already has 43,000 workers in India—announced plans to invest a further $6 billion there over the next three years.

IBM's commitment was a reminder that India—once shunned for its hapless protectionism, suffocating bureaucracy and all-round commercial torpor—can no longer be ignored. The country's growth rate is...

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