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.
So while awaiting Chinese government approval to take a controlling 73 per cent interest in China Oriental, ArcelorMittal is also proceeding with another deal that would give it an equally controlling 55 per cent of the company.
Goldman Sachs on Wednesay began celebrating confirmation of bumper bonuses for this year, with the chairman and chief executive, Lloyd Blankfein, expected to lead the pack with a 30 per cent increase in his pay to about $70m.
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.
It is still almost imperceptible. But the jostling in India's private sector for a position in what promises to become one of the country's biggest industries has already begun.
"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.
For Orascom, the real jewel in HTIL's crown was Hutchison Essar, India's fourth largest mobile phone company and a natural complement to its existing operations in Pakistan and Bangladesh.
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.
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