India is growing less hospitable to foreign investors

Before foreign investors came to India, its finance minister remarked recently, “we did not eat lizards.” For all the grumbles one hears about India’s economy, there is hardly a sense of desperation. Those foreign investors keep coming: on May 1st Vodafone’s boss met the government. Despite a corruption scandal, a price war, a huge retroactive tax claim and wildly unpredictable regulations, the mobile-phone firm is committed to its $18.6 billion investment in India, even though its value has fallen by perhaps a third since it was made in 2007.

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