Narendra Modi’s flagship growth scheme is off to a sluggish start

In the early Nineties India deserted the rules of swadeshi, or self-sufficiency, that had guided its insurance policies since independence. Subsidies have been scrapped; import levies tumbled. By 2014 the common tariff had fallen to 13%, from 125% in 1991. Over the identical interval, exports soared.

But the nation’s exports stay a bit lopsided for the tastes of Narendra Modi, who’s at the moment searching for (and prone to get hold of) a 3rd time period as prime minister. Though India is a providers superpower, it performs solely a small function in world manufacturing supply-chains, together with for generic medication and telephones. Certainly, over the previous decade, its share of world items exports has stagnated at round 1.8%.