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THE Economic Survey 2025-26 set a target for India’s manufacturing as a share of its GDP at 25%, to be achieved by 2035. This constitutes a nearly 100% increase in the share over its current level. Are we adequately prepared for this leap? There are many reasons why India’s industrial growth has been lacklustre. I want to confine myself to discussing India’s macroeconomic policy, and, under that rubric, draw the reader’s attention to a cause that is not discussed at all, except in moments of crises.