The idea that  Apple   AAPL -0.05%   might or should produce iPhones locally inside the Indian economy has been long discussed. From our point of view here, thinking about economics, it would actually be a fascinating test of the abilities, the sophistication, of that Indian economy. For the question would be whether there would be the creation of a supply chain capable of meeting the volumes and standards that Apple requires. The answer isn’t clear cut which is why the idea, if it goes ahead, will be such a fascinating thing to observe. The results from Brazil show that it’s not an easy thing to create, such a supply chain. There’s also a certain mordant humour to the idea. Over here in Europe everyone is shouting at Apple for the manner in which they dodge local taxation. And yet a decision to manufacture in India would at least partly be driven by the desire to dodge  local taxation : Price is also an important factor for Indian customers and should Apple...

With such a high growth number, India outpaces China - giving PM Modi more reasons to celebrate after completing two years in office last week India’s gross domestic product (GDP) grew 7.6 per cent in 2015-16, up from 7.2 per cent a year ago. The full-year growth was fuelled by close to eight per cent growth rate in the fourth quarter of 2015-16, the fastest in the world for the January-March quarter and FY16 since the new GDP series was launched in 2011-12. With such a high growth number, India has managed to retain its tag of the world’s fastest growing major economy — outpacing even China — giving Prime Minister Narendra Modi more reasons to celebrate after completing two years in office last week. ALSO READ:  FY16 fiscal deficit target met Though the annual growth rate remained the same, quarterly economic expansion changed in 2015-16 between the actual data that was released on Tuesday and advance estimates. The GDP grew 7.5 per cent in the first ...