Tuesday, December 2, 2014

Mr Modi's Economic Blueprint, Oops, Black and Blue Face

Opinion » Lead

Updated: December 2, 2014 07:21 IST

An economic blueprint for Mr. Modi

Ashok V Desai

The boom under the UPA has ended; to achieve respectable growth, the NDA government will have to do something in terms of reforms and the Prime Minister will have to go beyond simply designing excellent websites and think out of the box

This year has altered the political picture in striking ways. The most conspicuous change is in prime ministers: reclusive, modest, uncommunicative Manmohan Singh has given way to vocal, expressive, dramatic Narendra Modi. A less-noticed change is in the government: Manmohan Singh had 77 Ministers; Modi’s Cabinet has 66, and the average experience of his Ministers is far briefer. This is only partly because the Congress stayed in power for a decade; Modi has also brought in much fresh blood.
His Ministers talk less — they may have been told to, they may be in awe of him, they may be more self-contained, or they may not have the self-confidence. That is a pity, since some of them are capable of such wonderful faux pas. Manmohan Singh’s Ministers had no compunction about accepting invitations to speak, inaugurating events and displaying themselves; Modi’s Ministers are more circumspect. But Modi’s sound bites dominate official noise, and addicts as well as connoisseurs of politics hang on his words.
It is not just words people hang on. The people who elected him have great hopes of him. “Intuitively, I feel we are sitting at the cusp of one of the biggest changes since 1850,” said a director of TCS. His optimism is shared by the 17 crore voters who brought the Bharatiya Janata Party to power. Expectations are high; it will no doubt want to exceed them.
Topping UPA’s robust growth

That would mean bettering the performance of the preceding UPA government. It was by no means insignificant. The UPA period saw the highest GDP growth rates in India’s history. The annual growth rates of close to 9 per cent between 2005-06 and 2007-08 have been exceeded only once — in 1987-88, when growth shot up because the previous year had seen an unprecedented drought. During UPA’s decade in power, national income almost doubled; income per head went up 69 per cent. These figures are supported by the rise in consumer durable ownership shown by National Sample Survey.
The boom witnessed under the UPA’s tenure has ended; growth in the past two years has been under 5 per cent a year. Industrial growth has collapsed. Even to achieve respectable growth, the NDA government will have to do something, which politicians like to call reforms. But they will be nothing like the reforms of 1991-93. The economy was hobbled with such controls then that all Narasimha Rao had to do was to remove them. “Nara-indra” Modi has no such easy option. He needs to think out of the box.
One idea he had was “Make in India”. Make what? There is an excellent new website; the government certainly knows how to make them. It opens with a contrived lion made of racks and pinions. It lists 25 sectors — 14 in industry, five in services, four in transport, and two vague ones, namely space and biotechnology — which are little different from what the old government would have prioritised. It gives pride of place to the Delhi-Mumbai industrial corridor. For the rest, it summarises industrial policy, which repeats all the convolutions of the UPA era. It is remarkable how little it has changed. There is a longing for revolution, but there is no idea of where to go next and how.
There is longing for revolution, but there is no idea of where to go next and how
To begin with, is manufacturing worth bothering about? Before the industrial revolution, India was the world’s most industrialised nation; after the revolution, it fell far behind. That has left a longing for lost glory. But the share of manufacturing in GDP has been falling everywhere. The only exception is China, which achieved outstanding growth in the past quarter century through industrialisation. The Chinese story is complex, but some of its components are well-known.
Beginning in the 1970s, China set up an efficient steel industry, which has kept its costs of engineering and construction low. It built world-class railways, highways and ports, which took its manufactures cheaply across the country and the world. Its banks gave cheap loans to industry. It kept its exchange rate competitive. Such closely coordinated policies were possible in China; they have not been in our federal democracy.
India has had its own successes, though not on China’s scale. After the desktop was invented in the late 1970s, demand for packaged, small-scale software boomed in the United States. It ran short of programmers, and took away all whom it could find in India. That led to mass training of programmers in corner shops across South India, where people still knew some English.
They were first exported to the U.S., and later, manned the software industry that emerged in South India, where costs were lower. That was India’s last growth story.
Where might the next one come from? There must be a number of options; every economist can choose his. Mine goes something like this.
India’s Achilles’ heel is electricity: it is expensive and uncertain. My solution for it is twofold.
First, the Centre owns a quarter of power generation capacity, and supplies fuel for over two-thirds of the power. It should give power only to State electricity boards that charge a single price for their power, which must cover long-term costs of generation. State governments must corporatise state electricity boards; if they want to give any consumer subsidies, they must finance them from State budgets. The same principle of long-term viability pricing must be applied to the Centre’s coal, oil and power enterprises.
Second, the Centre must buy floating thermal power plants like those in the West Indies, anchor them in ports, and use them to supply power to those States whose governments corporatise their electricity boards.
Finally, the Centre must abolish all imposts on coal and oil products and create a national energy exchange where they are freely bought and sold; that will minimise the costs of energy. If it must impose taxes, they must be the same per Btu for all forms of energy and only on energy consumed by final users.
As with power, the Centre must create an integrated, efficient transport industry. The railways must offer door-to-door delivery services to every factory, mandi, and port, and give free access to road transport companies. The Centre must build a dozen new medium ports with a draft of 15 meters, and finance the creation of a commercial fleet of Sub-Panamax vessels up to 50,000 tons to provide freight and passenger service along the coast as well as with our neighbouring countries. Sea transport will develop our coastline, move traffic away from crowded and expensive onland routes, and promote our links with the Indian Ocean area.
The SEBI rulebook

The financial industry is overregulated and consequently underdeveloped. Financial institutions are poorly designed. As a result, there is too little capital for small producers and traders, and too little risk capital in general. SEBI’s enormous rulebook and its partiality towards the so-called qualified institutional investors have turned the capital market into an oligopoly; and restrictions on entry into banking and competition have led to collusion between banks and their larger clients.
The underdeveloped mutual fund industry must be merged with the banking industry. Banks must give their clients both loans and equity, in varying combinations; and offer similar hybrid investments to their depositors. In every major city, banks must together create an exchange, trade the equity and loans of their larger and more solid clients on it, and thereby bring knowledge about the clients’ financial worth into the market. The clients should equally be able to borrow or raise equity directly from the market.
This is my initial list of reforms. An economist can theorise and imagine endlessly. But policy is not a product of dreams; it emerges from a bargaining process in which an economist is only one participant. My list would give an idea of how one starts with a problem and applies economic principles to it to draw policy conclusions. Policy is made by policymakers, brought into the public sphere by media, administered by civil servants, enjoyed or suffered by common people and reshaped by democratic processes. Those who are elected may think they have arrived and only have to wave a magic wand; those who have elected them may soar with hope. But good policy requires a robust process of which elections are a small part.
The new government still has to design the process, let alone implement it.
(Ashok Desai is an itinerant economist who has taught, done research, coordinated projects and helped make policy.)
This article has been corrected for a factual error. 

Sunday Anchor

Updated: October 26, 2014 07:58 IST

Make in India vs. Make in China

Puja Mehra
Comment (30)   ·   print   ·   T  T  
Illustration by Prathap Ravishankar
The Hindu Illustration by Prathap Ravishankar

Markets across Indian towns and cities that are flooded with Chinese products, more so around festivals such as Diwali, are grim reminders of how Made-in-China has come to dominate our offices and homes.

Last Tuesday, Tata Motor’s Jaguar Land Rover (JLR) opened its first plant in Changshu, China. The luxury car-maker’s $1.78-billion Make-in-China push has come a little over a month after Tata Group chairman Cyrus Mistry confessed to be greatly encouraged under Prime Minister Narendra Modi’s leadership to join the “Make In India” programme that, he said, brings together industry and government for crafting a new future.
This was at the glittery launch of “Make in India” in Delhi where a galaxy of global corporate leaders ranging from Mukesh Ambani of Reliance Industries Ltd. to Lockheed Martin India CEO Phil Shaw in response to Mr. Modi’s call had pledged to invest and manufacture in India.
The pitch had its origin in the Prime Minister’s Independence Day speech when he invited global companies to pick India to locate factories, promising to replace red tape with red-carpet welcomes.
The jobs and incomes for Indians these factories would generate, he said, would in turn create the market for their output.
The goal the Modi government has set is to make India break into the top 50 in the World Bank’s ease of business index ranking from the current 134th position.
When companies such as Tata Motors choose where to locate a new factory, they consider a range of factors. But India fares badly on most of the counts. For instance, contract enforcement takes 1,420 days and going through the 12 procedures for starting business typically takes 27 days.
India’s chronic infrastructure and logistics deficit with inefficient transport networks makes it tough for manufacturing companies to achieve just-in-time production.
The Modi government has said it wants to radically de-bureaucratise, deregulate, change officers’ mindsets, cut paperwork and remove the notorious legal and infrastructure hurdles to starting and doing business in India. This is not the first time India is focussing on its manufacturing sector. In 2006, the UPA government put out a national strategy for manufacturing. It even dubbed 2006-15 as the “decade of manufacturing in India.” The five-year period of 2005-06 to 2009-10 was one of a smart 10 per cent plus growth for the manufacturing sector when several advantages — engineering skills, a growing domestic market, a raw material base and a large pool of skilled labour — trumped the vast barriers to doing business in India.
JLR’s China launch has set alarm bells ringing for the Modi government: “Make in India” will have to go quickly from being a statement of intent to real action on the ground. Markets across Indian towns and cities that are flooded with Chinese products, more so around festivals such as Deepavali, are grim reminders of how Made-in-China has come to dominate homes and offices. From furniture and gadgets to industrial equipment, India is importing almost all products from its neighbour, even yarn for saris. It is estimated that over 99 per cent of Bangalore silk saris are being made with Chinese silk yarn.
As a result, the rapidly growing bilateral trade between the two neighbours is tilting heavily in China’s favour, at a rate that India has termed unsustainable. Bilateral trade crossed $65 billion in 2013, but while India exported $15 billion worth of goods to China, but imported $51 bn. The quality of trade also goes against India. India exports raw materials such as iron ore but imports manufactured goods.
In pursuit of its reforms agenda of 1979, China has followed a more-exports-at-any-cost policy to boost its economy. The Chinese government’s support to manufacturing in the form of affordable cost of funds, cheap inputs and world-class infrastructure gives it an advantage over Indian manufacturers. The Confederation of Indian Industry estimates that Chinese manufacturing as a result enjoys a cost advantage of about 10 per cent over Indian manufacturing.
A fallout of which is dumping of products on big markets like India. To protect domestic manufacturers, India has been imposing an anti-dumping duty on 159 products — ranging from chemicals, petrochemicals, pharmaceutical, steel, fibres and consumer goods — imported from China since 1992.
The spurt in factory imports from China has coincided with a sharp slide in India’s manufacturing sector despite the UPA government’s efforts to push the sector.
Manufacturing output grew barely 1 per cent in 2012-13. In 2013-14, factory output contracted (-) 0.7 per cent. The share of the jobs-creating sector in the GDP has declined to 14.9 per cent in 2013-14 from the peak level of 16.2 per cent in 2009-10.
India’s advantage
But there is hope still. A new index of manufacturing costs, including productivity-adjusted wages, electricity, natural gas and currency movements, created by the Boston Consulting Group (BCG) of the world’s 25 biggest exporters shows China’s traditional cost advantage is now under pressure denting its attractiveness. Under pressure from the U.S., China has had to appreciate its currency by 30 per cent since 2006, which is eroding its exports’ cost competitiveness. Just-in data from the International Monetary Fund show that China is no longer the largest trade surplus economy in the world.
Therein lies an opportunity “Make in India” must tap. India’s labour costs are among the lowest in the world. According to the U.S. Bureau of Labor Statistics, average labour compensation (including pay, benefits, social insurance, and taxes) in India’s organised manufacturing sector increased only marginally, from $0.68 an hour in 1999 to $1.50 an hour currently. The average compensation in China’s manufacturing sector in contrast rose 20 percent year-on-year in the same period to $3 an hour.
Besides, the cost competitiveness, India boasts a nearly 500-million-strong labour force comprising unskilled workers and English-speaking scientists, researchers, and engineers, making it a potential destination for cost-effective research and development-oriented manufacturing.
Recent sporadic instances of the odd Chinese manufacturer setting up shop in India and a few Indian companies moving production bases back home from China are encouraging. Havells, Godrej, Micromax and auto-components maker Bosch are amongst a handful of companies that have recently moved back to India some part of their manufacturing or outsourcing in China owing to currency, labour and other cost advantages.
As Chinese factories move up the value-chain to hi-tech manufacturing, opportunities would open up for Indian entrepreneurs but they are up against stiff competition. On the BCG ranking, however, several countries, including the U.S. and Mexico, are better poised and ranked above India as of now to take gain from China’s loss of competitiveness. The coming together of smart entrepreneurs, employees, infrastructure and know-how could overtime become a durable advantage, as had happened in China’s case.

  • Boby mani  
    Deep understanding
    about a month ago ·   (0) ·   (0) ·  reply (0) · 
  • Anunaya  
    We need good roads roads,power transmission lines,water and dedicated freight and road corridors for transportion.We have everything in this country we need for an industry to thrive:dedicated labour,decent education facilities,resources and surplus of private initiative among our people.I feel what is pushing us back is mainly the red tape and lack of infrastructure.To the people citing our labor efficiency they need to look at our people who are the most hardworking in the world and we have also the largest no. of doctors and engineers in the world.
    about a month ago ·   (4) ·   (0) ·  reply (0) · 
  • Arpit  
    I would rather Ask govt. to prove effectiveness in its own operating costs... And reduce Central and State Taxes on the manufacturers... Things will automatically fall in place..
    about a month ago ·   (4) ·   (6) ·  reply (1) · 
    anvikk · Jaya-Palan  Down Voted
    • Jaya Palan  
      Dear Arpit. Your arguments has no meaning in the existing unfair trade situation created by Chinese dumping . Dumping of surplus is against all the international trade laws and norms of fair competition. Even to promote effectiveness in its own operating cost India have to crush Chinese dumping.
      about a month ago ·   (3) ·   (1) ·  reply (0) · 
      Joseph  Down Voted
  • Bala  
    We all know that MNCs who made huge investments in China, are not making money, they expect to make money, which perhaps, may never happen., they are only capturing some market share at the risk of losing their patents and Intellectual property rights ( not for car and consumer product companies).
    about a month ago ·   (6) ·   (4) ·  reply (0) · 
    Joseph · Joseph · Jaya-Palan  Up Voted
    anvikk  Down Voted
  • Anunaya  
    The one thing India needs to make in india is developing infrastructure quickly and effciently.Labour,market and resources we have it is the infrastructure we lack in
    about a month ago ·   (5) ·   (4) ·  reply (0) · 
    anvikk  Down Voted
  • Prof.T.Devidas  
    Indian Sale of Goods Act, as left here by the British, has caveat emptor (buyer beware) for its underlying policy. This itself was in modification of policy of caveat venditur (seller beware) when a need arose to incentivise private actors to risk their private time and money in then uncertain ventures into exploration of inventions and discoveries. This has been show over time as creating an unequal power advantage for the entrepreneur with the disadvantage for the buyer in respect of quality of the product. The Consumer (Protection) Act places a duty of care to represent the product honestly and correctly in the properties claimed for the product, but its non-conformity with the claimed attributes is not an offence. When equality of status and opportunity is now a byword, it is necessary that caveat venditur should be the principle and the state should assure quality by random testing and certification. This is a must or Made in India products to hit the market as dependable.
    about a month ago ·   (2) ·   (2) ·  reply (0) · 
    anvikk  Down Voted
  • SR  
    I somehow do not believe in the idea of banning imports but it is somehow disturbing to see that our country that is so advanced otherwise is buying all these junk from the chinese, those cheap toys, household items, lightings, simple machinery..the list goes on and on. Perhaps we should re-look into export of precious iron ore to China. They import our ore, convert into steel, make those junk and dump it back on us - we can easily do it ourselves.
    about a month ago ·   (10) ·   (3) ·  reply (1) · 
    Joseph  Down Voted
    • Joseph  
      Pray tell me how" somehow and why it disturbs you to see that our country that is so advanced" . If you are referring to the recent success of the Space Agency to launch its rocket, or the explosion of a few nuclear bombs as a tit-for tat with either China or Pakistan, you are deluded like most Indians who do not know the meaning of science or technology , yet, vaunt about it. Only when everyone has clean uncontaminated air and water, only when the streets are cleaned every day and the quality of healthcare and education catch up with nearby nations like Korea and Malaysia etc, you can be proud of India. No one is going to , or will be able to, arrest the progress of China.
      about a month ago ·   (6) ·   (1) ·  reply (0) · 
  • HK Shah  
    While Labour costs in China are higher than that in India, the labour efficiency in China is almost double that of India making Indian Labour effectively more expensive.
    about a month ago ·   (8) ·   (1) ·  reply (1) · 
    anvikk  Up Voted
  • Jaya Palan  
    I think the pathetic labor export of Hindi Belt and Northeast frontier to other states is linked to the underdevelopment of the region. This some how promoted by the Chinese dumping. This has grievous political and security consequences. India has no strategy to manage globalization in its favor. Dumping of Chinese goods through illegal importing should be crushed immediately. It is an urgent problem.
    about a month ago ·   (10) ·   (2) ·  reply (0) · 
    anvikk  Up Voted
  • Jaya Palan  
    I think the pathetic labor export of Hindi Belt and Northeast frontier to other states is linked to the underdevelopment of the region. This some how promoted by the Chinese dumping. This has grievous political and security consequences. India has no strategy to manage globalization in its favor. Dumping of Chinese goods through illegal importing should be crushed immediately. It is an urgent problem.
    about a month ago ·   (4) ·   (1) ·  reply (0) · 
  • vipesh  
    Chander is quite correct in his analyse that Indian politics of pandering people to get sole power has been caused huge loss in long terms. We can not adopt single party system or hold elections like China one thing. Only we can uplift from poor politics. This poor politics can only wipe out by educating the masses in noble way rather classical way, which is quite Herculean task. Second reservations, caste, religion and other stupid things (Congress legacy) needs to obliterate. there is no doubt we are rising. But limiting these evils we can rise non-discriminatory, equally and at the same time fast to tap Indian potential.
    about a month ago ·   (1) ·   (3) ·  reply (0) · 
  • margarita  
    A lot to blame on the bureaucracy-politicians nexus for the present state of affairs. The way the politicians and bureaucrats are chosen is itself bad. The bureaucrats who are forced not to develop their opinion but to depend on opinions of so called intellects resist far reaching changes to our system. As a result we remain a status quo country. It is high time the professionals - engineers, doctors and management take over the politics and bureaucracy for real development and not mere rhetoric of development. Our system is infested with lawyers and people from social science background in important positions. What else can be expected of these!!
    about a month ago ·   (2) ·   (1) ·  reply (0) · 
  • Dhanush  
    The greatest difference is that people in China are manufacturing things on their own unlike India which is expecting other countries to set up manufacturing units in India. Secondly I do not see today's youth interested in any kind of manufacturing work. All of them like posh jobs in a/c offices. Today's engineers cannot even fix a tubelight or repair a leaking tap.
    about a month ago ·   (8) ·   (1) ·  reply (0) · 
    Anil · Anil  Up Voted
  • Chander  
    India's problems highlight the downside of "democracy" when the majority of the electorate is illiterate, poor, ignorant, and divided into numerous factions. In such an environment, unscrupulous politicians can win elections by creating vote banks and pandering to select groups. Building infrastructure and developing the economy does not win elections. Pandering to vote banks wins elections. This is why Indian infrastructure has suffered so badly and why politicians are able to enjoy limitless power through their vote banks even in shambolic states like Jharkhand and UP. This is also why we are dangerously overpopulated; politicians encourage their vote banks to multiply recklessly to increase their votes. By contrast, the Chinese government has no need to pander to vote banks since they don't hold elections. So they go ahead and provide the necessary infrastructure and facilities that help people prosper and thereby avoid unrest that can threaten the status quo.
    about a month ago ·   (64) ·   (4) ·  reply (0) · 
    Anil · Anil ·  · vyas-Vyasakaveendra · ram  Up Voted
  • Ramesh  
    If Indian small scale industry has to come up fast, reduce the taxes and payment of all taxes should be made under one head The Government should make such araangment to distribute the paid amount to respective departments and save money and time of the small timer industries.
    about a month ago ·   (29) ·   (2) ·  reply (1) · 
    Anil · Anil · Anil  Up Voted
    • vijay NH  
      Well said and I endorse this logic resulting to availability of more time for entrepreneurs to work on their core competence.
      about a month ago ·   (9) ·   (2) ·  reply (0) · 
      Anil · Anil · Anil  Up Voted
  • CVP  
    A couple of things or more are essential. These are determination to buy Indian made items produced by Indian Companies. Promoting local hand made items. And finally organic farming and it's meticulous overseas marketing.
    about a month ago ·   (21) ·   (4) ·  reply (1) · 
    Anil · Anil · Anil  Up Voted
    • Sony Jim at Sony Pictures 
      There is a big opportunity for healthy food. Consumers do not want GMO products and hence both a preference & a premium exists for foods that have a verifiable reputation.
      about a month ago ·   (2) ·   (1) ·  reply (0) · 
  • S.Balakrishnan  
    One wonders why we import so much of junk goods from China with the low Indian wages? Are there no real Indian entrepreneurs and Indian workers who can make these goods in India. We even import most of our God's pictures, idols, and other religious items from China while our god fearing Indian artisans are without work. It is time India puts a strict ban on imports from China over and above our exports and provide a subsidy for those who start making goods here in India. A proactive Govt is what is needed and not an inactive Govt or one that only talks but does not do any action to match those talks.
    about a month ago ·   (33) ·   (8) ·  reply (2) · 
    Anil · vyas-Vyasakaveendra · SS · guru  Up Voted
    • Sony Jim at Sony Pictures 
      That is destructive as you would want China to buy Indian products. They have the biggest market for consumption as they have disposable income. Getting into import bans and tariff wars is silly... I suggest looking at the areas China needs help with and partnering with them. They have capital to invest. India should really be filling the gap in Russia too... They are a very loyal partner for India and I am sure the Russian people would like to replace as many US imports as possible. China, Brazil, Indonesia, Russia, Iran... These are all huge markets that would be friendly to India. Think about what these countries need and then build industries to meet those needs.
      about a month ago ·   (4) ·   (2) ·  reply (1) · 
      • S.Balakrishnan  
        iF you think that China would allow India to export things you are grossly mistaken. The Chinese do not want India to prosper. They may have funds to invest but beware. As far as Russia is concerned it is another matter. We must try to find what Russia needs and produce them. With the current situation to trust the Chinese is a dangerous proposition. If China changes we may change also. But as it is China is not in a mood to allow any of its neighbors to grow and prosper. Their aim is to trap all these countries as their own vasal state like what we used to be under the British less direct rule. We will have a subservient democracy that obeys Chinese dictum if they have their way. Our growth will slow down to promote the Chinese needs to export. Trusting China is inviting danger.
        about a month ago ·   (2) ·   (1) ·  reply (0) · 
    • Anil  
      Well said only talks are not sufficient, govts should be more aggressive in doing the things.
      about a month ago ·   (0) ·   (0) ·  reply (0) · 
  • A  
    It is the productivity that matters. Chinese are far ahead of us on that count. Besides, we have a rotten system which does not encourage entrepreneurship. The chalta hai attitude of Indians must change in order to be competitive. --- A.R.Bharadwaj
    about a month ago ·   (22) ·   (2) ·  reply (0) · 
    Anil · Anil · Anil · Anil · SS · HK · Abhinav  Up Voted
  • N.R.Jothi Narayanan  
    The author of this article has to accept the fact we all are forcing the pragmatic government of Mr.Modi to set right the policies of the paper tiger government of the UPA into reality in a lightning speed by breaking the indigenous lethargy of the Indian bureaucracy. Chinese crackers started making high decibel in India prior to the FDI by China in India. China is fast in approach and still we live in the past. 15billion $ worth of goods are exported and 51billion $ worth goods are imported - A good example to learn about business by India. The population of China & India is almost equal. India has more number of technical manpower than China. There is no dearth of labour force. The crux of the issue is the bureaucratic obsession to come out of the inherited lethargic attitude on each and every issue with a question, "This is way we have done the things in the past 68years, why should we have to change the procedure now?" If not now then never.
    about a month ago ·   (25) ·   (3) ·  reply (0) · 
    seshan  Up Voted
  • joseph  
    Its true timing is wrong but if anybody who follows Nokia will know it has nothing to do with this government or Make in India. It has to do with Microsoft, the facility would have closed much before but it was in legal entangle so it is closing now.
    about a month ago ·   (8) ·   (3) ·  reply (0) · 
  • Saratchandran  
    But, why lion!? Lion is more associated with Africa than India! Is it not the beautiful tiger, the national animal? That will then be 'the crouching tiger and the hidden dragon' !!
    about a month ago ·   (97) ·   (6) ·  reply (1) · 
    Anil · Anil · Anil · Anil · vijay-NH  Up Voted
    • Vidya  
      The lion symbol was chosen by Modi govt for the Make in India campaign!
      about a month ago ·   (3) ·   (2) ·  reply (0) · 
  • dgupta  
    Rising compensation cost in China means the Chinese workers are making more money than their Indian counterparts. They are wealthier, healthier and in turn have higher productivity. And Indians are counting on lower cost to beat them...
    about a month ago ·   (17) ·   (1) ·  reply (0) · 
    Source: Hindu
    ...and I am Sid Harth

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