India has plenty of coal mines, so why is utilities tycoon Gautam Adani importing coal from Indonesia? Adani says it's easier to turn a profit by sidestepping India's bureaucracy and deficient infrastructure, so he bought a mine in Indonesia and built a private railroad to haul coal from seaports to his Indian customers. "It's a symptom of a dysfunctional state. He is able to deliver something more effectively than the state," says Eswar Prasad, an adviser to India's finance minister.

Related Summaries