The recent history of foreign business in India is littered with failures. Even as the country has tried to lure global businesses keen to diversify into a fast-growing emerging market and, amid rising geopolitical tensions, away from China, many multinational companies are throwing in the towel.

Notable departures over the past couple of years include Abu Dhabi Commercial Bank; Ford, an American carmaker; Holcim, a Swiss cement giant; and Metro, a German retailer. Disney is negotiating the sale of all or part of its streaming business. On Nov 24 Berkshire Hathaway, a US$780 billion (S$1 trillion) American investment Goliath, offloaded its 2.5 per cent stake in Paytm, an Indian payments processor.