Narendra Modi will receive a warm welcome in Washington, DC, later this month. America is pulling out all the stops to secure India as an ally in its growing rivalry with China
can expect the sort of welcome Narendra Modi, India’s prime minister, will receive in Washington,, later this month. Joe Biden, America’s president, is throwing a formal banquet for him at the White House. The leaders of the two chambers of Congress, not to be outdone, have invited him to address a joint session for the second time—an honour previously accorded only to the likes of Winston Churchill.
There is no shortage of sceptics. Some point to cronyism and protectionism, which hold the economy back; others complain that dodgy statistics exaggerate its growth. It was hit badly during the pandemic, causing enduring suffering among the poor. Westerners see Mr Modi’s erosion of democratic norms and growing sectarianism as potential threats to growth. Chinese officials, meanwhile, think India is not authoritarian enough.
Mr Modi’s manufacturing push, under the slogan “Make in India”, aims to seize on Western firms’ desire to diversify their supply chains away from China. India’s infrastructure has improved, it offers a sizeable domestic market and it is awash with potential workers. Anstudy published in April concluded that India would be one of the few places to benefit if supply chains are reforged on either side of the geopolitical divide.
has been cleaned up and corporate debt is low. Like China, India has large reserves of foreign exchange. It also inhibits foreign investment in its banks and government-debt markets to diminish the risk of destabilising capital flight. An attack by short-sellers in January on
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