When a French court declared in favour of Cairn Energy plc earlier this month, allowing property owned by the Indian government in Paris to be frozen — which the company said was a prelude to it taking full ownership of those properties — it was a new form of international humiliation for India. For some, it felt like a reminder of the dark days three decades ago when India faced a balance of payments crisis and its global property was in danger of being sold off. But for many in the international investment community, the headlines about seizure of Indian properties were a simple reminder that doing business in India comes with a greater than tolerable risk of government arbitrariness and the catastrophic loss of capital.
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First Published: Sun, July 18 2021. 21:47 IST