Ravi Rama­murti, who teaches inter­na­tional busi­ness and strategy at Boston’s North­eastern Uni­ver­sity, thinks that emerging economies can com­pete with China in “sim­pler” indus­tries such as footwear, tex­tiles or low-​​technology con­sumer prod­ucts. He says com­pa­nies shifting pro­duc­tion from China to India are prob­ably bet­ting that India’s growth will pick up once the new gov­ern­ment which comes to power after gen­eral elec­tions due by May puts eco­nomic reforms on the fast track. “With growth slowing in India, the pull of the domestic market is weak­ening,” he says. “It is a pity that India is not taking greater advan­tage of China’s declining competitiveness.”

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