India's laws may be perplexing and its domestic markets inefficient, but it's becoming an essential hub for international banks
, like delicate plants, thrive in the right conditions. Those include a vibrant private sector, banks that direct capital based on the prospect for profit, analysts with direct access to companies and investors, openness to foreign people and institutions, and business-friendly, consistent laws. For good measure, throw in the cultural amenities that attract the sorts of employees who could choose to live anywhere.
India has long received other countries’ outsourced jobs. Some of those are unsophisticated, such as answering phones or processing forms. Many, however, rely on Indian universities’ remarkable ability to turn out engineers in great numbers, and computing firms’ ability to use them to solve complex problems. Such tasks may be dismissed as “back-office”. But they are at the heart of modern finance.
India’s growing prowess in finance contrasts with its weakness in manufacturing. That is despite constant government intervention, most recently through the “Make in India” campaign launched in 2014 by the prime minister, Narendra Modi.
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