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Industrialization ultimately requires long-term strategy and execution capability, which can either be achieved through long-term ruling parties or families (like in China, Vietnam, and Singapore) or through extremely ambitious conglomerates combining some government functions (like in South Korea and Taiwan).

The problem with Indian conglomerates is that most of them are rent-seeking, similar to companies like Li Huanggua, which can easily make money. However, industrialization requires relentless effort, long-term strategic determination, and execution capability, which is not attractive enough for Indian conglomerates.

On the other hand, the Indian government changes every few years and lacks the ability to execute long-term plans.

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