Indian manufacturing
© Dmitry Kalinovsky

For all the talk about India taking up China’s mantle as the manufacturing centre of the world – and it was a central plank of Prime Minister Modi’s election campaign two year ago – there is scant evidence from the most recent export figures that this is taking place. In fact, growth of industrial production has slowed for the first time since the global financial crisis, and the decline is evident across both low- and hi-tech sectors and appears to be putting a dent in the country’s ambitions for high GDP growth this year, according to Mint, “Falling manufacturing exports also means that any growth in India’s manufacturing output would need to find domestic demand to sustain itself. That appears a bit challenging at this point in time.”

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