Multinational companies are not ready to buy into the India-is-indispensable-now theory, notwithstanding what their bosses might say while interacting with Prime Minister Narendra Modi during his visits to the developed economies.

For, the inbound merger and acquisition (M&A) activity, a proxy for foreign strategic investors' interest in the country, looks set to hit a five-year low considering the number of deals announced in the first 10 months of the calendar year.

Although a few large-sized transactions mean the aggregate value of deals announced so far this year is more than the whole of 2014, it is still a far cry from $19.2 billion clocked in 2011, according to VCCEdge, the data research platform of VCCircle.

Even though economic data has been upbeat for the world's fastest-growing large economy, delayed reforms have played a part in the subdued M&A activity. A lot would depend on the government's ability in ensuring ease of doing business and providing clarity on tax reforms.

To hear from experts what's brewing in the deal space in India, don't miss the VCCircle Mergers and Acquisitions Summit on November 4 in Mumbai. Click here for more details.

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