India Is Ready For Takeoff

But business waits for reforms

Since its founding in 1928, Camlin Ltd. has built itself into India's premier art-supplies maker, churning out $35 million worth of product a year--from paints and brushes to stationery. By squeezing costs, Camlin grew revenues by 25% last year, and kept profits from declining in a decidedly low-margin business--despite withering competition from cheap Chinese imports and such foreign behemoths as Germany's Faber Castell.

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