Optimistic foreigners

It is hard to find a chief executive at a homegrown company who is hugely optimistic about the short- or even medium-term future. Few are investing in new capacity; indeed, all too many of them are busy hawking assets in an effort to write down excessive debt on their companies' books. Whether it is Adani or DLF, Tata Steel or Reliance Communications, GMR or Videocon, Jet Airways or Kishore Biyani's Future group, the story is the same.

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