HOW have transnational corporations (TNCs) fared in India under liberalisation? Contrary to leftist critics, who argue that TNCs have steamrolled into our economy and are in the process of wiping out home-grown companies, the performance of most TNCs has actually been quite dismal. Most have had problems just getting started, and have been busy with government permits, MOU deadlines, raising finance and developing reliable suppliers. Foreign hospitality majors like Holiday Inn cannot get land and zoning permits in major cities, manufacturers like DCM Daewoo cannot import enough CKD kits due to bottlenecks at ports, energy companies such as Cogentrix and Enron have no idea what sort of opposition and litigation tomorrow will bring, and foreign insurance companies are mad as hell at having spent millions of dollars in hotel costs without any sign of a clear-cut policy. For those who did overcome these obstacles and managed to start operations like Mercedes cars, Ray-Ban glasses and Nokia cellular phones, initial market projections have proved over-optimistic and they are struggling to figure out whatever became of the huge consumer market that had been promised. Most foreign institutional investors (FIIs) have actually lost money in their equity investments since they arrived. There is now a palpable sense of TNC fatigue and even major conferences, such as Destination India and PowerGen recently, attract poor foreign participation.