Speaker 1: From Bloomberg News and I Heart Radio. It's the big Take.
Speaker 1: I'm West Coastsova. Today, India aims to become the next
Speaker 1: economic powerhouse. As many of the world's biggest economies have
Speaker 1: slowed recently, India is spending billions of dollars to attract
Speaker 1: global investors and boost manufacturing. Prime Minister Narendra Moody aims
Speaker 1: to propel India to the top ranks of world economic powers,
Speaker 1: alongside the US and China, and with a population of
Speaker 1: one point four billion, it's edging past China as the
Speaker 1: country with the most people on Earth. But to meet
Speaker 1: his goals, Moody will have to tangle with the remnants
Speaker 1: of India's bureaucracy and a legacy of corruption that has
Speaker 1: held the country back, and also deal with the stark
Speaker 1: gap between rich and poor. We dig into all of
Speaker 1: that today. My colleagues Kai Schultz and Vrishdi ben of
Speaker 1: All have written a deeply reported story about India's growth.
Speaker 1: Banks have predicted that India will drive a fifth of
Speaker 1: world expansion in this decade, making only one of three
Speaker 1: in the world that can generate more than four or
Speaker 1: so billion dollars in annual output. Growth. Apple has been
Speaker 1: boosting its manufacturing in India. It has been exporting phones
Speaker 1: which are made in India. So there is some promise,
Speaker 1: it seems. Now we'll hear from them in just a bit. First,
Speaker 1: Milan Vishnev joins me. He's director of the South Asia
Speaker 1: Program at the Carnegie Endowment for International Peace in Washington,
Speaker 1: and he joins me now to talk about Prime Minister Modi,
Speaker 1: the man who is pushing for India to reach these
Speaker 1: ambitious goals. Milan, today we're talking all about out India's ambitions.
Speaker 1: How much can we attribute India's recent economic growth to
Speaker 1: Modi himself? Well, I think that's a very complicated question.
Speaker 1: I mean, undoubtedly, as the Prime minister, he gets the
Speaker 1: blame or credit for India's trajectory. But you know, India
Speaker 1: has seen a revolution in its economic performance since the
Speaker 1: early nine nineties when it underwent pretty sweeping market friendly
Speaker 1: liberal economic reforms, right, and so in some sense, much
Speaker 1: of the dynamism we see in India over the past
Speaker 1: you know, more than quarter century, is a result of
Speaker 1: those reforms. In fact, Prime Minister Modis economic performance since
Speaker 1: coming to power has been rather patchy. Now, of course,
Speaker 1: He's had some external shocks like COVID, but he's also
Speaker 1: had some self inflicted wounds like demonetization. You know, this
Speaker 1: uh wild idea that you can invalidalidate almost all Indian
Speaker 1: currency overnight in a failed attempt to curb corruption. I
Speaker 1: think what we are seeing right now is really the
Speaker 1: product of larger international factors and the fact that at
Speaker 1: a time that China is slowing, there are a lot
Speaker 1: of headwinds in the western economies, India and relative comparison
Speaker 1: looks like the healthy performer. One of the things that
Speaker 1: has driven the growth, I imagine, is in his population growth.
Speaker 1: How much is just this enormous population itself a driver
Speaker 1: of economic growth that may have happened no matter who
Speaker 1: was in charge. Well, you know, I think it's definitely
Speaker 1: an important factor. I mean, economists have this term called
Speaker 1: the demographic dividend, which is some countries have this youth
Speaker 1: bulge of people who start from their early twenties and
Speaker 1: go on to their early sixties when they are in
Speaker 1: the prime working condition of their lives. And India has
Speaker 1: just a mass of ofly large number of people who
Speaker 1: are in that category. I mean, it sort of boggles
Speaker 1: the mind. But you know, more than a million Indians
Speaker 1: are joining the labor force every month and that process
Speaker 1: is going to continue for the next couple of decades,
Speaker 1: and so it is definitely seen as a plus. But
Speaker 1: I should, you know, just issue a caveat here, which
Speaker 1: is this is premised on people finding gainful employment that
Speaker 1: is going to sustain them, sustain their families, sustain their homes.
Speaker 1: And we are seeing right now a reasonable level of
Speaker 1: economic growth, but we are not seeing commensurate growth in
Speaker 1: job creation right so I do think that is a
Speaker 1: warning sign for people who are looking out and trying
Speaker 1: to figure out, you know, where is the Indian economy
Speaker 1: going to be, say five or ten years from now.
Speaker 1: The unemployment rate in India is very low because as
Speaker 1: a poor country, you have to work. You don't have
Speaker 1: the option of not working. The problem is people are
Speaker 1: working in ways that are not up to their potential.
Speaker 1: They're working part time, they're working in informal parts of
Speaker 1: the economy. I'd like to talk for a moment about
Speaker 1: some of the challenge that Modi has faced at home.
Speaker 1: You mentioned one of them demonetization, which caused a lot
Speaker 1: of unresk. Can you talk to us a bit about
Speaker 1: what that was and what happened. Yeah, So two pretty
Speaker 1: large world changing events happened in November two thousand sixteen.
Speaker 1: One of them was the election of Donald Trump in
Speaker 1: the United States, and the other was this thing we
Speaker 1: call demonetization where movie came on television that evening and
Speaker 1: basically said that by the stroke of midnight, eight six
Speaker 1: percent of Indian currency will be invalidated. Um. And these
Speaker 1: are higher denomination notes, and that doesn't mean your money
Speaker 1: is worthless. Uh. You can come in to deposit those
Speaker 1: bills into the bank or trade them in for new bills.
Speaker 1: The idea being that if you are corrupt, and if
Speaker 1: you are holding quote unquote black money or unaccounted for money,
Speaker 1: you're not gonna want to come up to the bank
Speaker 1: and say, you know, here's suitcases full of cash, right,
Speaker 1: so you will just basically forfeit a lot of money.
Speaker 1: This created, as you might imagine, a massive panic, right,
Speaker 1: everyone running to the banks, everyone figuring out how to
Speaker 1: pay their suppliers, the entire economy sort of you know,
Speaker 1: hit a giant pause button. And so they went through
Speaker 1: this rather bizarre draconian exercise that essentially was a wash
Speaker 1: in terms of cleansing the economy of this so called
Speaker 1: black money. Now, one positive is that it did push
Speaker 1: people into digital forms of payment. So we have seen
Speaker 1: a digital payments revolution in India play out over the
Speaker 1: last five or six years. But the question is, you know,
Speaker 1: might there have been more humane, more gentle ways of
Speaker 1: doing that rather than putting the entire economy on pause.
Speaker 1: And yet Moody recovered from that. How did he wind up,
Speaker 1: you know, sort of calming all of this discontent. It
Speaker 1: was very unpopular amongst economists who didn't think of it
Speaker 1: as a very sound policy, but it actually was very
Speaker 1: popular among some Indians because despite the fact that they
Speaker 1: had to go through hardship and wait an interminably long
Speaker 1: bank use and so on and so forth, they thought,
Speaker 1: for the first time, somebody is trying to stick it
Speaker 1: to the fat cats who have fleeced this country. Right,
Speaker 1: So I may be suffering as an ordinary Indian waiting
Speaker 1: in line, but think about the really rich, corrupt person.
Speaker 1: That person is really going to suffer. Now, in the end,
Speaker 1: that person didn't suffer, but people thought, at least he's
Speaker 1: doing something. What is the opposition doing? Right? Moody has
Speaker 1: taken the biggest action against black money in seventy five
Speaker 1: years of this country and we support him. So not
Speaker 1: only did it not hurt him, it helped him win elections.
Speaker 1: And another big challenge he faced more recently was when
Speaker 1: he angered a lot of farmers. Can you talk about
Speaker 1: what happened there? Yeah, So, you know, agriculture has been
Speaker 1: in a pretty woeful state in India for many years.
Speaker 1: A large section of the population is employed in the
Speaker 1: agricultural workforce, but agriculture does not contribute a commensurate amount
Speaker 1: to the country's GDP. Agriculture tends to be a very
Speaker 1: low productivity activity in India, and economists have long called
Speaker 1: for a liberalization of that sector to allow for more
Speaker 1: freedom of internal trade in India, a greater participation of
Speaker 1: the private sector, to try and eliminate the role of
Speaker 1: middlemen in markets so that farmers and buyers or farmers
Speaker 1: and consumers can be more directly linked. So what Moody
Speaker 1: did was to pass a series of bills in Parliament
Speaker 1: without any consultation either way. Frankly, other political parties or
Speaker 1: any of the state governments. And agriculture is a state
Speaker 1: subject under the Indian constitution, and so this is an
Speaker 1: area that states have jealously guarded. The central government acted
Speaker 1: by saying, well, this is in the national interest and
Speaker 1: actually it has interstate commerce implications, so therefore we can act.
Speaker 1: This created such an uproar amongst farmers, particularly farmers in
Speaker 1: the northern stretches of India and states like Punjab and Haryana,
Speaker 1: who have been, in some regards the biggest beneficiaries of
Speaker 1: the existing scheme, the existing subsidy scheme, the existing kind
Speaker 1: of state managed scheme. We begin in India where tens
Speaker 1: of thousands of angry farmers have been camping outside the
Speaker 1: capital of New Delhi. They're protesting against the government's new
Speaker 1: agricultural laws, which they say could devastate crop prices and
Speaker 1: reduce their earnings. Some say they're quote ready to die
Speaker 1: in a showdown with Prime Minister and the rent Remodi.
Speaker 1: And it was one of those rare times where the
Speaker 1: political and popular blowback again maybe just limited to this
Speaker 1: section of the country was so large and farmers are
Speaker 1: seen as such a critical vote bank that the government
Speaker 1: had to withdraw those bills and with draw those reforms.
Speaker 1: So we're basically back to square one today in India.
Speaker 1: One thing that Modi has done, which has drawn a
Speaker 1: lot of scrutiny from the rest of the world, has
Speaker 1: been to take a pretty hard line on religious freedom.
Speaker 1: And I wonder how that's playing out in India itself
Speaker 1: among different portions of population. Can you explain a bit
Speaker 1: about how that's happened, Well, I think you have to
Speaker 1: start by looking at Mr Modi's party, the b j P.
Speaker 1: The b j P and shorthand is often referred to
Speaker 1: as India's Hindu Nationalist Party. What does that mean? In
Speaker 1: a nutshell, it means that these are people who believe
Speaker 1: that Hindu culture and Indian culture are synonymous, that they're
Speaker 1: one and the same. And because Hindu's makeup roughly of
Speaker 1: the population, what they say should go for the entire country.
Speaker 1: And this is really the movement in which Mr Modi
Speaker 1: and his party are steeped, right, So you could call
Speaker 1: it a pro Hindu movement, Hindu majority, Aian movement. But
Speaker 1: India is a country of extreme diversity, right. Fourteen percent
Speaker 1: of the population are Muslim And you might say, well,
Speaker 1: fourteen percent is not a huge number, but that means
Speaker 1: more than two hundred and thirty or forty million odd
Speaker 1: Muslims plus a range of other religious identities, and so
Speaker 1: there has been a lot of tension between Hindus and
Speaker 1: other religious minorities over who belongs, over who truly is
Speaker 1: an Indian. And this government, particularly in its second term,
Speaker 1: which began in two thousand nineteen, has implemented a number
Speaker 1: of policies and programs which are seen as openly pro
Speaker 1: Hindu and in some cases distinctly anti Muslim. Has that
Speaker 1: been popular just given the large Hindu majority by and large, Yes,
Speaker 1: you know, we don't have great public policy polling data
Speaker 1: in India, but you know, let elections speak for themselves.
Speaker 1: And what we have seen is that NARENDRMDI and his
Speaker 1: party have largely been rewarded for many of these policies. Now,
Speaker 1: there are many people who believe very strongly in India's
Speaker 1: secular constitution that had specific safeguards for religious minorities, who
Speaker 1: feel like this is contrary to the spirit in which
Speaker 1: India was really founded, and so that is at the
Speaker 1: heart of the political tension. Our conversation continues after the
Speaker 1: break million. You've talked a lot about how Moody has
Speaker 1: skillfully navigated the various cross currents of Indian society and
Speaker 1: politics and religion. He's also been very careful in his
Speaker 1: foreign policy and his approach to other nations. Well, I
Speaker 1: think it's a function today of the political and geopolitical
Speaker 1: environment where you no longer necessarily have the soul superpower
Speaker 1: of the United States. You have something that looks and
Speaker 1: feels a little bit closer to a kind of Cold
Speaker 1: War dynamic where you have, yes, a powerful United States,
Speaker 1: but a very powerful and rising China, and then you
Speaker 1: have these kind of middle weight powers countries like Russia,
Speaker 1: like the European Union collection of countries, or India, which
Speaker 1: are seeking to flex their muscles. And what India has
Speaker 1: tried to do under Modi is really work those seems right,
Speaker 1: And basically, when it comes to the United States, say well, look,
Speaker 1: we are both worried about China and so therefore, you
Speaker 1: know we should work together on defense and strategic and
Speaker 1: eque notic priorities. But India can also say to Russia,
Speaker 1: you know, no one is buying your oil right now,
Speaker 1: but you know, we're a poor country who needs your oil.
Speaker 1: And India feels pretty confident that the world is not
Speaker 1: going to be able to make India change because they
Speaker 1: need India on other issues. Right, So it is what
Speaker 1: this government has called a policy of multi aalignment, where um,
Speaker 1: it's not that we can't have friends and partners and relationships,
Speaker 1: it's that we can sort of be promiscuous in how
Speaker 1: we do that. And we don't necessarily see any incompatibility
Speaker 1: between being friends with Russia today and being friends with
Speaker 1: the United States. At the same time, Modi has something
Speaker 1: like I think it's seventy percent popularity ratings in the country.
Speaker 1: So he must be doing these things fairly right, at
Speaker 1: least as far as his citizens are concerned. He's up
Speaker 1: for re election in four again. Do you think that
Speaker 1: he will easily win again? Well, he and his party
Speaker 1: are in the pole position without a doubt. One of
Speaker 1: the particularities about this Indian political moment is that there
Speaker 1: is only one Pan Indian political party that has widespread support,
Speaker 1: and that is the b j P of Mr Mode.
Speaker 1: It's largely frankly because of his charisman popularity. The only
Speaker 1: other national poll of politics, the Indian National Congress, is
Speaker 1: a shell of its former self. It has badly lost
Speaker 1: two consecutive elections. It is suffering through a leadership challenge
Speaker 1: and ideological or vision challenge and organizational challenge. So in
Speaker 1: that vacuum, the b j P really is the only
Speaker 1: soul hegemon. So I think for most politically analysts, the
Speaker 1: question is not really about four where the b JP
Speaker 1: looks like they will sail through relatively easily, but really
Speaker 1: what comes after that? Will there be some kind of
Speaker 1: creative destruction in the opposition space where either the Congress
Speaker 1: reinvents itself or other claimants to power, other regional claimants
Speaker 1: you know, decide to expand decide to work together, decided
Speaker 1: to form some kind of you know, ad hoc coalitions.
Speaker 1: That remains to be seen. But at the present momentum,
Speaker 1: the b JP is operating with many degrees of freedom
Speaker 1: and room to maneuver mill invasion of Thanks so much
Speaker 1: for talking with me today. Thanks for having me. Now
Speaker 1: let's bring in my colleagues Sky Shows and Rishdi Beneval,
Speaker 1: who have dug into the details about how India plans
Speaker 1: to catapult itself forward. Rishti, why don't we start with you?
Speaker 1: What is Moody doing to attract these billions of dollars
Speaker 1: in global investments in the country. So Moody has been
Speaker 1: trying to attract manufacturing in India for a very long time.
Speaker 1: It's been his dream since when he was first elected
Speaker 1: as Prime Minister of the country to make India factory
Speaker 1: for the world and the government has tried different different
Speaker 1: programs since then to make it work, but unfortunately nothing
Speaker 1: has worked so far. As opposed intage of GDP, India's
Speaker 1: manufacturing remains around fourteen fifteen person and not moving much. Recently,
Speaker 1: the government has started offering some incentives where companies when
Speaker 1: they boost production in India, they get some financial incentives
Speaker 1: from the government and that seems to be working now.
Speaker 1: We see recently Apple has been boosting its manufacturing in India.
Speaker 1: It has been exporting phones which are made in India,
Speaker 1: So there is some promise, it seems now. One thing
Speaker 1: you write in this story is that a lot of
Speaker 1: countries of the world are starting to sort of retract
Speaker 1: in their economies, whereas India's economy is growing pretty rapidly.
Speaker 1: Is that right, guy? That's right. India's economy is growing quickly,
Speaker 1: and we've seen rapid growth post nine, which is when
Speaker 1: India opened up its economy liberalized. Post that period, you
Speaker 1: saw foreign businesses start to open factories on home soil.
Speaker 1: You saw the devaluation of the rupee, you saw many
Speaker 1: efforts to lower tariffs, and so that's all created a
Speaker 1: much stronger market to compete globally. In India has attempted
Speaker 1: to capture that momentum. Mody spending a record amount of
Speaker 1: India's budget this fiscal YearIn capital investments. So there's a
Speaker 1: real push to make it much more of a conducive
Speaker 1: place to do business, and I think that India has
Speaker 1: demonstrated some success on that front. Victually, you mentioned how
Speaker 1: Moody's efforts to make India the manufacturer for the world
Speaker 1: have had mixed results. And yet we're hearing from how
Speaker 1: quickly the economy is growing, how people have money to spend.
Speaker 1: What are some of the industries that are really leading
Speaker 1: this fast growth in India? Electronics is clearly whinner, it
Speaker 1: seems at the moment they have been doing well. They
Speaker 1: have been benefiting from these incentives announced by the government
Speaker 1: in the recent deal. Apart from that, the government has
Speaker 1: been working in pharmaceutical sector. Software has been India's the
Speaker 1: strength for a very long time now. And what is
Speaker 1: India doing to attract big companies like Apple away from China?
Speaker 1: Away from other countries, because obviously that would be a
Speaker 1: very big deal if Apple and other large companies were
Speaker 1: to move more of their production to India. One of
Speaker 1: the things that India is doing is providing financial incentives
Speaker 1: to companies that expand in India. So this is a
Speaker 1: pool of roughly twenty four billion dollars and it's rolling
Speaker 1: out over the next few years and more than a
Speaker 1: dozen industries. So some of that money will support the
Speaker 1: production of mobile phones, semiconductors, and solar panels, and the
Speaker 1: aim is to expand the program to manufacturers of other
Speaker 1: goods in the coming months. One thing that really stood
Speaker 1: out to me in your story is that India has
Speaker 1: creating more of these so called unicorn companies. These are
Speaker 1: companies that are worth a billion dollars before they go public.
Speaker 1: What sort of companies are these and how is India
Speaker 1: becoming such an engine of new high valued companies. Most
Speaker 1: of these companies are startups in technology sector, so we
Speaker 1: have seen these small companies mushrooming in India. There are
Speaker 1: players who are coming in education sector, food delivery, different
Speaker 1: mobile apps that are being used or right healing apps.
Speaker 1: So we have seen this sector coming up in a
Speaker 1: big way. And uh they are able to attract good
Speaker 1: valuations from investors, and they have been doing pretty well
Speaker 1: in the recent past, but now there are also questions
Speaker 1: about the valuations they are attracting. So it remains to
Speaker 1: be seen that how far these unicorns can goo. Hi.
Speaker 1: India's population has grown really quickly, and it's also young.
Speaker 1: I asked malenvation of this question earlier, and so I'll
Speaker 1: ask you to do is India's young population and advantage?
Speaker 1: I do think that India's young population is both an
Speaker 1: advantage and potentially a disadvantage, depending on how the government
Speaker 1: is able to harness the skills that those people bring
Speaker 1: to the economy. One of the points that stood out
Speaker 1: from our reporting was that increasingly young people are not
Speaker 1: even looking for jobs for a variety of reasons, but
Speaker 1: one piece of it is that they feel that quality
Speaker 1: jobs are simply not being created in the market. So,
Speaker 1: on the one hand, you have a very engaged young
Speaker 1: workforce that's ready, that's educated, and that could potentially do
Speaker 1: big things in India. On the other hand, you have
Speaker 1: a government that's still trying to figure out how to
Speaker 1: put them to work, how to incentivize them to work
Speaker 1: in factories, how to create enough quality jobs in the
Speaker 1: services sector, and so I think that that's really going
Speaker 1: to be one of the key challenges for India moving
Speaker 1: forward is how to capitalize in the demographic dividend that
Speaker 1: they have visually right that this is especially true of
Speaker 1: women who have a more difficult time finding quality jobs.
Speaker 1: Is the government doing anything to encourage more participation, especially
Speaker 1: young women in the workforce. That's true. The participation of
Speaker 1: women in India's workforce has been falling in There are
Speaker 1: estimates ranging from nine person to say nineteen person, which
Speaker 1: is one of the lowest in the world. Women need
Speaker 1: to be part of the workforce if the economy has
Speaker 1: to grow at a fast space. We are projecting a
Speaker 1: potential growth rate of seven to eight person for India
Speaker 1: and if women are not part of the workforce, then
Speaker 1: it will be difficult to achieve. That. The government is
Speaker 1: not doing specifically anything for the women um as of now.
Speaker 1: But yes, there there are demands from various quarters that
Speaker 1: how government can make it, you know, easier for for
Speaker 1: women to be part of the workforce where they participate
Speaker 1: in big numbers and it is easier for them to
Speaker 1: to work and grow career. Right now in India, most
Speaker 1: of the family board is on women. Can I you
Speaker 1: talked about how India needs to grow its middle class.
Speaker 1: That's often the engine of an economy. Certainly that was
Speaker 1: true in the US and in Europe and even in China.
Speaker 1: And also how younger people are feeling like they are
Speaker 1: in a lot of good quality jobs. Is the divide
Speaker 1: between people at the top who are building these big companies,
Speaker 1: getting rich working for these big companies, and the rest
Speaker 1: of the country growing. Inequality is certainly growing in India
Speaker 1: post liberalization. You see two things happening. Number one, absolute
Speaker 1: poverty has decreased quite dramatically, which is a great thing
Speaker 1: for India. And number two, the gap between the rich
Speaker 1: and the poor has grown. From the government's perspective, not
Speaker 1: shackling business is a priority. So if that means that
Speaker 1: these inequalities grow in the short term, that's something they're
Speaker 1: willing to live with. But it certainly poses the risk
Speaker 1: of social unrest if India is not able to put
Speaker 1: more people to work, particularly in jobs that they want
Speaker 1: to do. My conversation with Rishti and Kai continues after
Speaker 1: the break. Rishty, can we talk for a minute about
Speaker 1: India's relationship with China, it's an important relationship. They compete
Speaker 1: and there have been some tensions. How do the two
Speaker 1: nations regard each other. India and China haven't shared a
Speaker 1: great relationship and we have seen tensions on Bordo off
Speaker 1: and on in recent tears. We sometimes the tensions blew
Speaker 1: up a little bit, but things remain under control. I
Speaker 1: think both the leaders India and China they understand this
Speaker 1: is not the time. These are two superpower us in
Speaker 1: Asia and they have to think about their economy. So
Speaker 1: that is the reason we think that. You know, we
Speaker 1: have seen some tensions on on border, but things are
Speaker 1: under control and both the leaders are conscious of the
Speaker 1: fact that they have to take care of their economy.
Speaker 1: India has to take care of the needs of its
Speaker 1: one point four billion people. It is investment it needs
Speaker 1: right now. China also has bigger issues to take care
Speaker 1: of right now. So we believe that they will continue
Speaker 1: to focus on their economies while protecting their border at
Speaker 1: the same time. Actually, India will host the G twenty
Speaker 1: this year. It's a big platform to showcase India and
Speaker 1: make his case to other world leaders. How does Moody
Speaker 1: intend to take advantage of this opportunity. Prime Minister Narendra
Speaker 1: Modi would like to send a strong signal to global
Speaker 1: leaders as well as investors that India is the place
Speaker 1: to do business right now, but there is also press
Speaker 1: sure on him to shift focus from businesses to the
Speaker 1: poor people ahead of next year general elections. In four
Speaker 1: India is going for elections and PM Moody is going
Speaker 1: to seek a re election again. He has been a
Speaker 1: Prime minister for two times now and for a third
Speaker 1: time he will be seeking votes and there's a lot
Speaker 1: of pressure on his government to do something for the poor,
Speaker 1: to create jobs, because we know unemployment is a major
Speaker 1: between the country. One of mos big goals is to
Speaker 1: make India the world's third largest economy behind the US
Speaker 1: in China in a relatively short amount of time looking
Speaker 1: down the road. Do you think that that's a realistic goal.
Speaker 1: I do think it's a realistic goal. Banks are predicted
Speaker 1: that India will drive a fifth of world expansion this decade,
Speaker 1: making only one of three in the world that can
Speaker 1: generate more than four or so billion dollars in annual
Speaker 1: output growth, and so I think that it's something that's
Speaker 1: within reach. As We've discussed growing inequality, problems with employment,
Speaker 1: and this bigger question of whether India can beef up
Speaker 1: it's manufacturing sector. Are three sticking points. If Moody is
Speaker 1: successful in improving those, then I think that the country
Speaker 1: has a real shot. Kai Schultz, Rishidy Beniwald, thanks so
Speaker 1: much for being here. Thank you, thank you. You can
Speaker 1: read more from Bristi Benewald and Kai Schultz at Bloomberg
Speaker 1: dot com. Thanks for listening to us here at The
Speaker 1: Big Take. It's a daily podcast from Bloomberg and I
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