I am not sure your sources are in disagreement with what I said. You are hypothesizing a situation where only manufacturing exports can balance out manufacturin

I am not sure your sources are in disagreement with what I said. You are hypothesizing a situation where only manufacturing exports can balance out manufacturing imports, but that is not true - we gain capital from service exports also. It is fine to disagree with him, but your logic isn't sound. I personally also think India needs more industrialisation but that's not in conflict with what Rajan is saying.