Prime Minister Narendra Modi’s call for Indian companies to focus on research and development to manufacture innovative products for global customers aptly sets out the future agenda for the Indian industry. For several decades, the developed world looked at profit maximisation — the cardinal principle of capitalism — by outsourcing work to Third World countries to reap the benefits of cost arbitrage. This strategy allowed China to become the global factory while India emerged as the global technology hub. Nevertheless, the rise of hyper-nationalists like Donald Trump in the United States following people’s disenchantment with unfettered globalisation and lack of...