Mausam Kumar on the state of India’s industrial policy

We cover: - Why Tamil Nadu became a magnet for Apple and global manufacturers - How the PLI scheme differs from India's historical approach to industrial incentives - The tension between central and state-level policy in shaping manufacturing outcomes - India's place in a world turning toward economic nationalism and protectionism - The role of development finance institutions, the India-China dynamic, and green manufacturing Timestamp: 0:00 Introduction 1:39 India's Industrial Policy in the Global Context 4:19 Centre vs. States: Fiscal Federalism & Industrial Policy 8:13 State Capacity: Tamil Nadu, Gujarat & Maharashtra Compared 13:14 How Sector-Specific Zones & Agglomeration Drive Growth 17:59 Why States, Not the Centre, Decide Where Investments Land 22:51 The PLI Scheme: How Conditionalities Shape Industrial Policy 29:24 Lessons from Japan's MITI & Korea's EPB 38:39 Authoritarianism & Industrial Policy: Separating the Myth 45:14 Competition Policy, Picking Winners & Disciplining Firms 53:33 Development Finance Institutions (DFIs) & the Licence Raj 1:08:02 Solar PV Manufacturing & Green Industrial Policy 1:18:07 India-China: FDI, Enclaving & the Geopolitics of Green Tech 1:23:13 Chinese FDI vs. Belt & Road: Why the Distinction Matters 1:27:32 The China Squeeze & India's Manufacturing Catch-Up 1:34:00 Export-Led Growth: Is the Playbook Still Valid? 1:31:44 Manufacturing vs. Services: Ha-Joon Chang vs. Dani Rodrik 1:34:53 India's Services "Resource Curse" & the Path to Global Champions   Start your investing journey for free! Open a zero-brokerage Demat and trading account with Zerodha to invest in Stocks, Mutual Funds, ETFs, and Bonds: https://zerodha.com/open-account/?c=ZAPVVI