India’s manufacturing ambitions have survived successive disappointments. Now, stronger industrial growth and rising exports offer fresh grounds for optimism. But the country must distinguish an industrial upswing from the structural transformation it has pursued for more than a decade. The opportunity is real. Multinational companies seeking alternatives to China are reassessing their supply chains, while India’s expanding infrastructure, domestic market and industrial capabilities make it an attractive destination. Growth in electronics, pharmaceuticals and engineering goods suggests that manufacturing need not remain confined to traditional industries.

Gujarat, with its ports, industrial clusters and established business networks, illustrates what sustained investment can achieve. Yet building factories is easier than making them competitive. A sprawling textile plant equipped with advanced European machinery may demonstrate industrial ambition, but underused capacity can turn impressive investment into a financial burden. Factories need reliable orders, efficient logistics, skilled workers and predictable access to export markets. Production capacity without commercial viability is an expensive achievement. Recent American tariff uncertainty exposes another vulnerability. Indian exporters cannot build........

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