Solving India’s Industrialization Puzzle
As China’s labor costs have increased, many analysts anticipated a massive expansion in India’s industrial base. So, why, despite its vast supply of labor, has India failed to attract international investors seeking a lower-wage manufacturing workforce?
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NEW DELHI – At first glance, the Indian economy appears to be thriving. Since 2000, annual GDP growth has averaged 6%, largely fueled by the service sector. High-value-added services, in particular, have emerged as major drivers of exports and GDP growth.