India is chasing a familiar dream—to become the world’s factory. With ₹1.97 lakh crore in incentives, it hopes to lure the same global players that once made China a manufacturing superpower.
In a world where every country protects its own interest, India must guard against becoming collateral in someone else’s game.
India is chasing a familiar dream—to become the world’s factory. With ₹1.97 lakh crore in incentives, it hopes to lure the same global players that once made China a manufacturing superpower.
But the global economy doesn’t run on goodwill. It runs on leverage. And in a shifting world order, even the warmest allies can change course overnight.
When Donald Trump entered the White House, New Delhi sensed an opening. He praised Prime Minister Modi, professed affection for India and backed the China Plus One strategy. The optimism was short-lived.
Soon, the mood shifted. Just as India gained the upper hand in its cross-border anti-terror operation—Operation Sindoor—Trump unilaterally declared a ceasefire between India and Pakistan. The announcement, made over social media, blindsided Delhi. It undercut India's diplomatic stance and raised tough questions back home. Days later, he initiated crypto-related talks with Pakistan and hosted its army chief Field Marshal Asim Munir for lunch, sending further mixed signals.
This is not all. Trump had earlier threatened a 25% duty on iPhones assembled in India. It was a direct blow to India’s ambitions to rival China in manufacturing.
It was a reminder that Trump’s affection is transactional. And India, to him, is just another bargaining chip.
India cannot afford illusions. Washington has long used India’s rise as leverage in its broader contest with Beijing. In a world where every country protects its own interest, India must guard against becoming collateral in someone else’s game.
For all the talk of alliances, we may have to walk alone. The West doesn’t always share our urgency in countering China’s rise. And China, for all its belligerence, still holds the stronger hand. That’s why Trump’s aggressive posturing on China is often followed by backdoor negotiations—ones that may undermine India’s manufacturing dream.
Because China still holds the keys. It has the capital, the infrastructure and control over the raw materials that power the modern economy.
Which brings us to this month’s cover story. We examine the rare earth magnet crunch. A crisis now threatening India’s electric-vehicle ambitions. What emerges is a portrait of China’s long game: patient, quiet and ruthlessly effective. From smartphones and EVs to fighter jets, Beijing’s grip on rare earths is a geopolitical chokehold.
If India wants true self-reliance, it must go beyond assembling goods for others. It needs control over the materials that underpin modern industry, or build credible alternatives. History shows that every industrial power, from Britain to the US to China, first secured its raw material base before asserting global leadership.
Until India reaches that level, it must tread carefully. This is not the time to pick sides or play favourites. What we need are stable, pragmatic relationships with China, with the West and everyone in between.
Even Abhimanyu, brave and gifted, fell to a formation he could enter but not escape. In geopolitics, too, half-knowledge can be fatal. India must move with full understanding, not just of ambition, but of consequence.
Sentiments make speeches. Strategy builds superpowers. If India is to lead the next wave of global manufacturing, it must play the long game. Like a five-day Test match, it must last all fifteen sessions—with stamina, patience and precision.
Every over. Every session. Every day.