Not by stealth, but through subtle signals

Redefining Make in India and the public sector policy are signs of a new approach to reforms

A few days before his Independence Day address from the ramparts of Red Fort, Prime Minister Narendra Modi had delivered an important speech at a meeting of leading industrialists, organised by the Confederation of Indian Industry. Four points stood out as more significant than the rest of his message. Unfortunately, however, those points have been largely ignored by commentators. A closer look at them, therefore, would be instructive in the current context of the economic reforms debate in the country.

One, the prime minister sought to redefine his idea of Make in India. He clarified that making in India did not