In his new book, Raghuram Rajan examines why manufacturing has become so difficult in India


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Can India catch up with globally competitive manufacturers around the world? Foreign manufacturers are sitting some production in India, if only to access the growing domestic market. For instance, the Danish wind turbine manufacturer Vestas now assembles parts in Sriperumbudur in south India. It was attracted to that place, in part, by the heady projection that India will soon be the second-largest market for turbines made by Vestas. Some heavy manufacturing – such as the composite 260-footlong wind turbine blades made by American contract manufacturer TPI Composites – is also coming readily to India because the costs of transporting from...