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India’s long-neglected retail market is turning into one of the world’s hottest thanks to  Warren Buffett ,  Jeff Bezos  and a frenzy of billion-dollar dealmaking. Walmart Inc. just wrapped up a $16 billion agreement for control of the country’s leading e-commerce player,  Flipkart  Online Services Pvt., while Bezos’ Amazon.com Inc. negotiates deals with a large supermarket chain and an investment in a prominent retail conglomerate, according to local media. This week, Buffett’s  Berkshire Hathaway  Inc. agreed to acquire a stake in the company behind digital payments leader Paytm. Why the sudden interest in India? The new optimism is fueled by rising standards of living, increases in smartphone usage and cheap data plans that are boosting internet penetration across the nation. Perhaps most important,  India  is the last big retail market still up for grabs, with an internet economy projected to double to $250 billion by 2020. ...