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India's $18 Billion Mistake?

Profitable government auctions could cost the economy.
Consumers are going to pay the price for the spectrum auction.

Consumers are going to pay the price for the spectrum auction.

Photographer: Sam Panthaky/AFP/Getty Images

A decade ago, Korean steelmaker Posco’s proposed $12 billion investment in the eastern Indian state of Odisha (then still known as Orissa) was hailed as the country's biggest-ever foreign investment commitment, as well as a vote of confidence in India as a potential manufacturing power. Ten years later, Posco's reported pullout is a PR debacle and a blow to Prime Minister Narendra Modi's hopes to convince companies to "make in India."

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