A US$4bil India fund is clashing with its government backer

Missteps jeopardise Prime Minister Narendra Modi’s quest to steer more foreign money into one of the world’s fastest-growing economies. — Reuters

WHEN India launched its first state-backed investment fund in 2015, the project was met with great enthusiasm.

Officials hoped to raise billions of dollars to improve the nation’s infrastructure and attract foreign manufacturers, angling for the success of funds started in places like Singapore.