India's Prime Minister Narendra Modi has rightly picked "Make in India" as the most important plank in his drive to help accelerate the country's rise towards becoming an economic superpower.
His target is to grow the manufacturing sector's contribution from 17 percent of India's gross domestic product (GDP) in 2013 to 25 percent within the next decade. A rapidly growing manufacturing sector is the only way India can create highly productive jobs for the 10 million-plus youngsters who join the country's labor force each year and the much larger number of farmers who need to move from working the soil to the working on the factory floor.
China's former leader, Deng Xiao Ping, launched a similar initiative in 1992. At the start of the 1990s, China's share of global manufacturing was 2.6 percent , down on the 2.9 percent share in 1980. After 1992, however, the country's manufacturing share grew rapidly – to 7.1 percent in 2000 to 24.9 percent in 2013.
Read MoreModi wants China to 'Make in India'
How did China do it? What lessons does China's experience hold for India? We discuss four policies which helped China's emergence as the world's factory and their relevance for India.