Foreign direct investment (FDI) in China has gone mainly into manufacturing — initially labour-intensive and then hi-tech. Not for nothing it has earned the moniker of “the world’s factory”. FDI in India has come, and continues to do so, largely in services, making it “the world’s office” for global corporations. According to Finance Minister Nirmala Sitharaman, India now hosts 2,100-plus global capability centres (GCC) of over 500 of the Forbes top-2,000 companies. These GCCs together employ some 23 lakh professionals and generate nearly $100 billion in annual revenue. Moreover, they seem to have evolved beyond being cost-saving “back offices” handling basic........

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