, Columnist
Modi Has Holes to Fill Before the World Rushes In
India’s manufacturing drive appears set to take off. A closer look shows otherwise.
Sparks will fly.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
By the looks of it, Prime Minister Narendra Modi’s manufacturing drive is on the up, with all the trappings of imminent success.
Multinational companies and long-term foreign investors like private equity giant Blackstone Inc. have their sights on India. The recently unveiled national budget boosted capital spending by more than expected, adding to the excitement. With a host of subsidies and sweeteners, electronics firms like Apple Inc. and Samsung Electronics Co. are making big commitments to the country.