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In the end it recognised the need for foreign capital.
That ruled out a natural home for foreign capital.
"They particularly like London, as a global city with ease of entry for foreign capital".
The development-minded prime minister is looking for foreign capital and technology to boost India's economy.
Tourism is a boom industry and a strong draw for foreign capital investment.
"It's very important to move IBRA assets and for foreign capital to come in".
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The most serious microeconomic risks are: maturity risk from over-reliance on short-term financing for long-term investments; foreign exchange risk from over-use of foreign capital for investments in non-tradable goods; credit risk from debt-financed speculation in asset bubbles; and fiscal gap risk from public sector dependence on unsustainable revenue sources.
But the inflation that comes with higher import prices will temper the competitive gain from a cheaper lira; and euro-zone recession will hurt exports.Europe's banks are not the only source of foreign capital for Turkey, Poland and the rest.
Even so, it marks a shift: big companies have hitherto been welcomed for providing foreign capital and expertise, and spared intervention of this sort.
India is simply too hungry for the foreign capital that is drawn to the strong rupee and is driving it higher, because that influx of money is helping support this country's approach to developing a modern consumer economy.
The idealism of the '60s extended to the notion that architecture in itself could engender meaningful social change, a belief now long out of circulation and perhaps never more so than at a time when the city's civic leaders view development largely as bait for luring foreign capital.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com