Telecom companies in India gripe that they might end up paying $10.7 billion in new licensing fees and taxes. Other foreign and local executives are aggrieved, too. Luxury automakers say Prime Minister Manmohan Singh's new taxes unfairly target them. Airport developers and operators are upset about the government's unexpected decision not to award them $808 million worth of projects. Multinationals counting on India need to think twice, says Amarthaluru Subba Rao, the CFO of GMR Infrastructure, a Bangalore-based developer of airports, power plants, and roads. If there is no long-term strategy for investors, he says, nobody will choose to stay in India. Singh's coalition appears willing to take that chance. India's growth slowed to 5.3%, a nine-year low, in the first three months of 2012. At 5.9% of gross domestic product, the budget deficit for the latest fiscal year was far above the target of 4.6%.