Nageswaran’s remark came after Reserve Bank of India data showed that net FDI inflow into India dropped by 62.17 percent year-on-year to $10.58 billion in 2023-24, a 17-year-low. Simply put, India’s ability to attract foreign investment has come under challenge amid a combination of adverse circumstances — global economic uncertainty, trade protectionism and geopolitical risks, etc.

It took the fascist clown in the BJP government two complete terms to find out that being a running dog for an imperialist hegemon is a dead end. Unfortunately, they will never realise the second key ingredient in not being a failing economy, which is giving up on rapacious neoliberalism and investing in basic public services like education and health. This is on account of the fact that BJP is a front for big corporations and exists for and because of them.

I don’t know how this desperation for Chinese FDI will end up. India has struggled with high tech manufacturing a lot. The iPhone factories here have low productivity. Even, the pharma industry, which has historically been reliable and something that many countries and just India have benefited from, is not killing unsuspecting consumers in Africa. BJP’s “Make in India” scheme has been a failure. As such it feels like they are moving to China only because they are running out of Western investment to squander.

This is good for China though so there is that.