Rahul Bajoria, BofA India Chief Economist, on India's Manufacturing Ambitions

<p>Rahul Bajoria, head of India and ASEAN Economic Research at Bank of America, joins host Tushar Shetty to examine why India&#39;s manufacturing sector has remained stuck at around 15 percent of GDP despite decades of rapid growth. </p><p>They discuss the colonial and planning-era roots of India’s weak industrial base, the regulatory and compliance burdens that keep Indian firms small and push them into informality, why regulatory progress has been driven by a handful of competitive states rather than by the center, India’s limited gains from China Plus One and its growing exports to China, the mixed record of production-linked incentives and the scaling up of the Apple ecosystem, and the electricity, labor and land reforms needed to lift manufacturing to 25 percent of GDP by 2047.</p>