On the military front, India continues to hedge against China by enhancing ties with America and its allies. It is also bolstering relations with Russia to try to offset China’s growing influence there, as seen by Mr Modi’s recent bear hug with Mr Putin. And India and China still compete for influence elsewhere in the world.

India maintains an edge over Latin America's emerging giant Mexico, but it still falls short of becoming the next China, according to an Oxford Economic Research Briefing. Multinationals face increasing pressure to diversify and de-risk their supply chains,