Stung by increasingly sharp criticism at home and abroad, the Indian government today announced a raft of foreign direct investment reforms in supermarkets, airlines and other areas that ended three years of policy inertia. This followed a highly controversial decision yesterday to cut fuel subsidies, triggering a 12% increase in diesel retail prices and restrictions on the sale of cooking gas.
It is tempting to think that India is heading towards some form of implosion. The parliament didn’t operate for 75% of the monsoon session, doing little business, because of Bharatiya Janata Party opposition tactics.
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