When the cost of reform is too high
In the wake of new personal liability rules in India, many independent board members quit and share prices tumbled.
![RS18208_LBS_Lakshmi_Naaraayanan-1140-x346](http://images.london.edu/hxo16fanegqh/21a06956-b01e-42aa-a7c8-c6188403e0d7-asset/e42fe65be4985c3d09d12eda6bf76ef8/rs18208_lbs_lakshmi_naaraayanan-1140-x346.png?&fm=avif&q=70&w=570&h=173)
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“It is a specific friction which also applies to broad range emerging economies.”
“The paths to growth can look very different.”