Moonshot is imagination.

"The only significant policy initiative that the post-pandemic Indian economy has seen from the government has been an openness to use Industrial Policy as a tool for economic development," wrote Diva Jain. "There are several examples of countries that have failed to develop without a coherent Industrial Policy, but no example of a country that has achieved an advanced economic status without it." "Having said that, outcomes from using Industrial Policy tools have ranged from moderate success (Mexico, Brazil, Malaysia and Thailand) to superlative economic performance (Japan, South Korea and Taiwan," wrote Jain. "A good policy does not seek to replace the 'invisible hand' of markets, but to introduce the guiding hand of the state in places where the former has failed." "Japan, South Korea, Taiwan and Singapore have become advanced countries within two generations because not only did their Industrial Policy focus on areas of comparative advantage (like Chile), and on expanding these (like Malaysia), but, more importantly, they took moonshots at new technology and harnessed innovation to dominate export markets." "The dismantling of India's industrial policy, starting in the early 1990s, juxtaposed with increasing economic openness, had its consequences. The share of the manufacturing sector in GDP dropped from 17.5% in 1995-96 to 13.5% in 2019-20," wrote Prof Deepak Nayyar. "For latecomers, catching up in industrialization is not simply about imitating, following and learning from leaders," but "It is just as important to think ahead of the curve, anticipating technological changes on the horizon, and leapfrog through innovation to become a leader in some sectors, as South Korea did." "Since Make in India launched in 2014, the deadline for one of its key goals - to lift the share of manufacturing in GDP to 25% - has been pushed back three times, from 2020 to 2022 to 2025." ET. "While recent financial incentives under Modi offered Apple a cost-efficient path to set up shop in India, the California-based company is still making a fraction of its iPhones in the nation. And for every success, there are many companies that have quit India because of long-running challenges such as dealing with the country's bureaucracy, including General Motors Co, Ford Motor Co and Harley-Davidson Inc." "After contracting 16.7 percent year on year (YoY) to USD 29.8 billion in October, merchandise exports last month (November 2022) were USD 31.99 billion." BW. India's services exports were $250 billion and merchandise exports reached $419.65 billion, for a total of $670 in the financial year 2021-22. HT. China's exports were a colossal $3.95 trillion and its trade surplus was a record $877.6 billion in 2022. ET. India imported goods worth $118.5 billion from China, but exported only $28.1 billion worth, for a trade deficit of $101.02 billion. The Hindu. "Walmart and other PhonePe shareholders will have to pay nearly $1 billion in tax after the digital payments company shifted its headquarters to India." TOI. "Over 8,000 Indian startups have incorporated in Singapore since the year 2000." Is Walmart stupid? India is the second-most stock obsessed country in the world after Singapore, claimed a study. BT. It gives venture capital funds a chance to make handsome profits from Indians if PhonePe goes for an initial public offering (IPO). Despite the tax.