India chooses iPhone factories over asset bubblesVia Mint | Jun 16, 2015Indias Raghuram Rajan is an outlier in Asia. Whereas other central bankers in the region are pumping ever-more air into asset bubblesNew Zealand and South Korea further reduced interest rates last week, and Australia may be nextRajan has taken a go-slow approach. Its to Rajans credit, and Indias benefit, that he has shown such discipline. Rajan, a savvy University of Chicago economist, has been holding Indian Prime Minister Narendra Modis feet to the fire. Rajan and Modi were both probably buoyed by recent news that tech giant Foxconn Technology is looking at manufacturing Apples iPhone in India. Its an endorsement of the countrys current economic stewardship, and an indication of Indias broader potential as a manufacturing hub, especially given Chinas determination to move its production upmarket from basic manufacturing to software design, aerospace and robotics. But if Modi hopes to reach the full potential of his Made in India campaign, it will require bold government actionaction that Rajans quid pro quo strategy could help motivate.