 "Even though the equity market was opened up for foreign investors immediately after the early 1990s, the norms for foreign investment in debt were released in 1995 and in 1997, Rs 29 crore trickled in")
India needs a minister for investment. Whoever wins the May 23 election count, the next government must find somebody who will boldly open the doors to American and Japanese capital.
Another statist intervention in a country that labors under an excess of bureaucracy might not look like much of a solution to anything. But for India to break free from the lower-middle-income trap will require officials to marshal and allocate every scrap of funds prudently, and correct mistakes swiftly.
Just having a minister of finance isn’t enough, as India’s own experience has shown. From power and airlines to telecommunications and
