In New Delhi’s halls of power, manufacturing in India is certainly an idea whose time has come. On Thursday, Prime Minister Narendra Modi launched the “Make in India Campaign”, setting his sights on raising manufacturing’s share of Indian GDP to 25 per cent, up from 15 per cent, to create jobs for the more than 12m young people entering the country’s labour market each year.

In an impassioned speech broadcast to invited business guests in India and Indian embassies abroad, Mr Modi sought to persuade sceptical international companies, and weary domestic entrepreneurs, that India can be a competitive global manufacturing hub. He pledged to provide “efficient and effective” governance that facilitated – rather than obstructed – job-generating industrial investments.

“Those who feel India is a big market never think about whether the citizens have purchasing power or not,” he said. “It is our collective responsibility to work together so that the poorest of the poor get employment and our growth trajectory will move ahead.