The turnaround could not be overstated; as one commentator
said, “India has been in economic depression for so long that everything
except the snake-charmers, cows and the Taj Mahal has
faded from the memory of the world.” The Indian government
was viewed as unfriendly to foreign investors. Outside investment
had been allowed only in high-tech sectors and was almost
entirely prohibited in consumer goods sectors. The “principle of
indigenous availability” had specified that if an item could be
obtained anywhere else within the country, imports of similar
items were forbidden. As a result, Indian consumers had little
choice of products or brands and no guarantees of quality or
reliability.