Goodbye to reform?

The political drama over the opening up of the retail sector to foreign investment is significant, not on account of whatever might happen to the immediate issue, but for what it says about the prospects of any kind of economic reform. In and of itself, the opening up of the retail sector is not hugely important, except as a signal that the government is still capable of taking decisions. This is not a time when businesses in the West is looking to make large investments anywhere. Retailers in many countries (like France’s Carrefour, which so far has opened all of one outlet in India) have troubles in their home markets, which are not buoyant.

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