For a long time after India got its freedom, Socialist Jawaharlal Nehru regarded foreign investors with the narrow-eyed suspicion of a spinster convinced that friendly attentions from any man probably conceal evil designs. So U.S. investors passed India by. After all, there were plenty of other places for them to invest their money—places where markets were more developed and officialdom far less mistrustful. General Motors even closed down its automotive assembly plant in Bombay.
Two years ago, seeing its second five-year plan in deep trouble, and lacking foreign exchange, India sent high...
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