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India's new industrial policy doomed to fail, to cost the country billions

India's haphazard foray into industrial policy is going to fail, just as "Make in India" did

Photo: Bloomberg
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Mihir S Sharma | Bloomberg
One of Narendra Modi’s first promises when elected India’s prime minister in 2014 was to revive the country’s manufacturing sector. India had been de-industrializing since the early part of the century and policy makers correctly argued that only mass manufacturing could create enough jobs for a workforce growing by a million young people a month.

In his first major speech as prime minister, Modi invited the world to help: “I want to appeal all the people world over [sic], ‘Come, make in India,’ ‘Come, manufacture in India.’ Sell in any country of the world but manufacture here.”

The “Make in

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