India, long overshadowed by the greater global heft and economic might of China, is enjoying a rare moment in the sun. Multinationals are on the hunt for new markets as growth falters in the emerging economies that have powered their sales in recent years. Apple, which has applied to open a flagship store in Mumbai, has become the latest to bet that India will become both more prosperous and an easier place to do business. Narendra Modi, elected on a promise to transform the economy, must seize this opportunity to harness international investment.

Apple aims to profit from recent measures that have made it easier for single-brand retailers to enter India, including a relaxation of rules on local sourcing. But this is a high-tech venture, targeting the top end of the consumer goods market. There are still huge barriers to the large-scale industrial investment India needs to create jobs for a fast-growing workforce and lift large numbers out of poverty.

So far, however, Mr Modi’s biggest achievements have been macro-economic — aided by the appointment of Raghuram Rajan as governor of the Bank of India. Inflation has been tamed, the rupee has stabilised, interest rates have come down and the International Monetary Fund expects growth of around 7.5 per cent to be the fastest of any large economy this year.