Commentary: Why Indian Reform Keeps Biting The Dust

When the fourth Indian government in three years collapsed on Apr. 17, it looked as though the country was in for another prolonged spell of political chaos. After all, the coalition led by the Bharatiya Janata Party (BJP) fell for no other reason than the bruised ego of the leader of one of its allies. But for a change, the country's swarm of normally quarrelsome parties buried the hatchet long enough to agree to hustle through the annual budget. The business community was elated. "At the most divisive time ever in Indian politics, politicians realize that, after all, it's the economy that matters," says Anand Mahindra, managing director of tractor maker Mahindra & Mahindra Ltd.

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