INDIA - Flights of fancy

No-frills carriers, backed by private equity consortia and domestic conglomerates, are rocking India's staid old airline duopoly, with billion-dollar orders for hundreds of new aircraft. But industry experts warn of too much, too soon. With airport infrastructure still mired in the Stone Age, many fret that foreign banks have been too hasty in offering generous rates on new and leased planes to upstart carriers, many of which could be taken over or liquidated even before they take off. Elliot Wilson reports.