2015 may be a happening year in view of the likely passage of the Insurance Bill. But optimists must note that cross-border investments have been experiencing a negative trend since 2008. Cross-border capital flows plummeted to $4.6 trillion by 2012, from $11.8 trillion in 2007. The bill needs to be demystified before expecting benefits to accrue and a sudden turnaround in the domestic market is unlikely during 2015.

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