India's newly elected Prime Minister Naendra Modi is taking a page from China's playbook to get India back on its feet after 3 years of weak growth and high inflation. Mr. Modi is aiming to boost exports and raise India's share of world trade by 50% over the next 5 years. Mr. Modi's mantra is "Sell anywhere but manufacture here". His Trade Minister Nirmala Sitharaman promised the government "will ensure that we do enough hand-holding with our manufacturers so that 'Made in India' becomes a brand which all of us can be proud of".
Of course, only time will tell if India can duplicate China's success. Remember that China has a huge head-start. The seeds for China's growth were sown back in the 1980's, when Deng Xiaoping started welcoming foreign investment and unleashed the Chinese entrepreneurial spirit through state-owned companies. India's growth has been fueled more by services like software and business outsourcing. Product manufacturing is already well established in many other parts of the emerging markets: Bangladesh makes clothing, Thailand and Vietnam produce machines and computer parts, Philippine electronics have a reputation for quality and price.
But the attitude of India's leaders is both refreshing and promising. Check back with me in 5 years to find out if their words translate into action.
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