For four years, Indians sensed that the US was terrified of the word “trade.” Joint statements after summits buried trade such issues somewhere near the end; officials avoided the question at press conferences, preferring to focus instead on relatively esoteric concerns such as cooperation in space.

India’s institutional strength used to be reflected in the reliability of its national accounts.

Ever since Prime Minister Narendra Modi announced his “Make in India” policies shortly after being elected prime minister in 2014, New Delhi has chased the dream of a prosperous manufacturing sector. There have been some successes — when it comes to making mobile phones, for example.