no country in history has been able to
incorporate unskilled people from the
rural economy into a growing middle
class in with secure jobs without
building a manufacturing center it is
possible surely perhaps to do it without
but unless you've got oil or something
you can't live no there's no road map
it's never been done before India has
been d industrializing since the late
90s which means that the contribution of
industry to GDP peaked in around 96 and
97 and since then it's been going down
that's not okay some people listening
may have the same experience that I have
that the Indian business people that one
sees at conferences or interviewed often
on Bloomberg or in in anywhere else you
get the sense of an incredibly dynamic
economy really digitally switched on
developing things that actually are
ahead in many cases of advanced
economies on the digital front if you
listen to those people you would think
wow India is going to be able to ride
the wave of all these technological
changes that are happening around the
world but everyone fears India is going
to clean up as a result of those changes
well I mean there are two things to be
said there the first is one should never
trust what people in Indian business see
only what they do and when they start
investing in India then I will take
their claims that India India has a
bright future seriously we have a crisis
in private investment it's been
shrinking for four years as a
proportional GDP and that doesn't appear
to have cleared up yet so they don't
appear to have confidence in where
they're putting their money so I don't
believe anything they say