How investor-friendly is India?
INDIA needs steel, ports and investment. POSCO, a South Korean steel giant, wants to invest 545 billion rupees ($12 billion) to build a steel plant with a port in Orissa, a poorish state with lots of iron ore. It would be the single biggest foreign investment in India ever, and yield 12m tonnes of steel a year. Yet for five years the plan got nowhere.
Farmers, fishermen, poor tribespeople and forest activists are fiercely opposed. They argue that the likely benefits, such as 17,000 jobs, would be outweighed by ecological damage and disruption to local lives. …
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