How Wall Street and Global Giants Are Shifting Focus to India, the World’s Fastest-Growing Economy
Since taking office in 2014, Prime Minister Modi has sought to transform the country’s economy into a global, innovative manufacturing nexus.
SRIPERUMBUDUR, India — Twenty-five miles from the bustling Southern Indian city of Chennai in India’s Tamil Nadu sits Sriperumbudur. Historically regarded as the birthplace of Hindu saint and philosopher Ramanuja, the town — in more recent years — has become just as eponymous as one of India’s most prized special economic zones, generating billions annually for the country’s burgeoning economy.
Rows of small motorcycles line the dusty lots in front of large steel gates, where people with backpacks stream in and out of muted gray complexes housing global conglomerates from Ford, Nissan and Mitsubishi to Dell, Motorola, Saint-Gobain, Samsung and the Apple-producing corporation, Foxconn, of which India now produces over 7 percent of the iPhone’s global output.
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