NEW DELHI — As Narendra Modi heads into his third term as prime minister of the world's most populous country, there is growing recognition that his Make India initiative to turn the country into a global manufacturing powerhouse has not quite lived up to expectations.
Despite Apple's success in manufacturing its latest iPhone model in India, progress has lagged on targets for industrial investment, job creation in factories and expanding manufacturing's share of gross domestic product. Although the government has offered manufacturing subsidies and protective tariffs, many companies have not increased production capacity to match India's rapid economic growth.