Multinationals continue to view the country as one of the most viable outsourcing destinations, but competitive pressures are making other countries look attractive.
Despite coming to market last year amid a barrage of publicity, many of the Aim funds are still trading at a discount to their net asset values and some are still trading below their initial public offering prices even as their peers that listed in India are enjoying the good times.
What in a few years will be India's largest shopping mall today is a kilometre-long, three-storey deep hole in the earth marked with a billboard the size of a tennis court.
England's soccer league teams are following the lead of multinationals and beginning to look to emerging markets for growth, with Premier League leader Arsenal FC on Tuesday announcing an initiative aimed at giving it a foothold in India.
Japan's main market for emerging technology companies is in talks with the Bombay Stock Exchange for an alliance that could lead to Indian companies listing on its board in Tokyo.
The Mumbai traffic police, in a move that runs against the very culture of driving in this city of 18m, have begun cracking down on noisy motorists.
Reliance Capital Asset Management, controlled by Anil Ambani, has sold a 5 per cent stake to Eton Park Capital Management in a deal that for the first time puts a value on India's largest mutual fund.
India's mutual fund industry is one of the brightest spots in an already fast-growing domestic financial sector.
Romesh Sobti, ABN country head for India, will move to IndusInd Bank, a domestic private-sector institution controlled by the Hinduja family.
People close to Indian carmakers Tata Motors and Mahindra & Mahindra, and the buy-out group One Equity Partners, said on Tuesday that they expected Ford to respond imminently to their revised offers made last week.
"We are looking at how we can bring back skill sets developed by Indians overseas," Rajiv Singh, vice-chairman of DLF, said in an interview with the Financial Times. "Our desire is to have a very highly motivated and trained labour force come back and work for us."
For a direct indication of the premium attached to efficiently-run ports in India, one need look no further than the recent stock market listing of Mundra Port and Special Economic Zone.
Many view private equity-related funds as a better way of capturing the upside in the economy, given that stock market valuations have been swollen by three to four years of almost uninterrupted share price rises.
India has become a focus of private equity firms with deals worth more than $5.9bn this year, 50 per cent more than the total for all last year. Most of the leading firms have set up in India or are finalising plans to do so.
Praful Patel, India's reformist civil aviation minister, has helped drive the privatisation of Mumbai and 's moribund airports, overcoming initial protests by employees.
India's biggest listed developer, DLF, and Dubai's Nakheel have announced a joint venture with plans to invest more than $10bn to build two townships on 40,000 acres.
Since India eased rules governing foreign investment in property in 2005, western private equity funds and, now increasingly, the cash-rich states of the United Arab Emirates across the Arabian Sea from India, have flocked to the country.
Hollywood's first big foray into Bollywood has received a bruising reception in India with websites that track box-office sales branding it a flop.
The Indian steelmaker, which bought the Mozambique project with Australia-listed Riversdale Mining, sees the mine as essential in ensuring it has a sustainable supply of coking coal.
DLF is paying $200m for a controlling stake in Amanresorts. The deal comes at a time when Indian automotive companies Tata Motors and Mahindra & Mahindra are bidding for Ford's luxury Jaguar and Land Rover marques.
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