The Modi government recognised that if India was to become a developed economy, the state could not remain the principal actor in every strategic industry. It had to become an enabler, creating the policy architecture, incentives and infrastructure that would allow private capital and entrepreneurship to take India’s capabilities to scale.

Jefferies has outlined how India could enter a new industrial growth phase across six emerging sectors. The brokerage says domestic demand, policy support and supply-chain diversification are helping build wider industrial ecosystems.