Fast-growing India is pumping itself dry. For the "water man," the solutions will come from the grassroots.

The leaders of Brazil, Russia, India, China and South Africa gathered in New Delhi today for a summit for the so-called BRICS group of emerging economies. At the top of agenda is a proposal to establish their own development bank.

India is a U.S. ally but also one of the top importers of Iranian oil. It could face U.S. sanctions unless it curbs these oil purchases.

While other American firms have set up camp in the country, Starbucks is planning to open its first store in India in September.