There is an all-pervading sense of gloom in India as the economy stalls, politics stagnates and social tensions escalate. The collapse of the governing authority has been as remarkable as it has been swift. The old image of India as a nation entrenched in corruption has returned to haunt us. First it was the telecoms sector. Now, it is coal. Sector by sector the crony capitalism that has come to pervade the Indian liberalisation story is being revealed for what it is.
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