Your next smartphone could be made in India. So could the world’s best-selling sub-compact car of the future, and many of the engines that power military aircraft around the world.

In the face of the growing fragmentation of the world economy, there are not many countries that are benefiting from geopolitical tailwinds. India is one of them. But whether it can deliver on its new-found opportunities will depend crucially on the future of its manufacturing sector, which has traditionally been a laggard, accounting for only 17 per cent of the country’s gross domestic product (GDP), compared with 55 per cent for services.