On March 30, India’s National Green Tribunal suspended the environmental clearance granted a year ago to South Korean steelmaker Posco’s planned $12-billion plant in Odisha. The surprise judgement came a week after Prime Minister Manmohan Singh returned from a congenial state visit to Korea, assuring Koreans that their Indian investments were a ‘priority’ for him and that India would move forward with the Posco project. The project, planned since 2005, is yet again in limbo.
There are various theories doing the day. Crony capitalism is rampant. Who will want to invest in India?