Closed for business

The decision by the finance minister, Pranab Mukherjee, to defer the implementation of the General Anti-Avoidance Rules is a rare piece of good news for potential investors in India, presuming that the year’s grace is used to clarify the rules. However, India’s economy is suffering from global economic woes. Risk aversion has led the currency to decline, and this aversion has not been helped by a string of policy decisions.

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