From sleaze to sneeze

摘要

AMONG investors, confidence in India has taken a knock. The stockmarket is down by a tenth in dollar terms this year. That reflects higher interest rates, but also a sense that the government has lost the plot. It has, say its critics, failed to control corruption and public borrowing, fallen behind on infrastructure and proven unable to make decisions. Vedanta, a London-listed resources firm, has been waiting for almost a year for ministerial approval to buy control of the Indian unit of Cairn Energy, which is also London-listed.