India Edges Warily Toward Accepting More Chinese Investment

(Nikkei Asia) — As Narendra Modi moves ahead with his third term as prime minister of the world’s most populous nation, there is growing recognition that his Make in India drive to transform the country into a global manufacturing powerhouse is not fully living up to expectations.

Despite showcase successes like Apple Inc.’s move to make its latest iPhone model in India, progress on targets for industrial investment, factory job creation and expanding manufacturing’s share of gross domestic product has lagged. While the government has offered production subsidies and protective tariffs, many companies have not boosted manufacturing capacity at a rate commensurate with India’s rapid economic growth.