Bloomberg’s William Pesek notes:
“Rajan and Modi
were both probably buoyed by recent news that tech giant Foxconn Technology is
looking at manufacturing Apple's iPhone in India. It's an endorsement of the
country's current economic stewardship, and an indication of India's broader
potential as a manufacturing hub, especially given China's determination to
move its production upmarket from basic manufacturing to software design,
aerospace and robotics. But if Modi hopes to reach the full potential of his
“Made in India” campaign, it will require bold government action -- action that
Rajan's quid pro quo strategy could help
motivate.”