Well that's actually a bit of a cheap shot to compare India's industrial standards to Britain's. You're forgetting that India, as the nation that you see today, is only 76 years old. Whereas Britain is a much more established country and if I am being candid with you, yes colonial legacy matters. It's no coincidence that the funding of the industrial revolution kicked off in Britain at roughly the same time as Robert Clive of the British East India Company captured Bengal in 1757 and later Hector Munroe secured British rights in 1765 via the Treaty of Allahabad to collect taxes from the Indian population. Most of that Indian tax money was then pumped directly back to Britain. This is just one example of how Britain stole trillions of pounds from India. The country was just used as a resource to exploit by Britain for almost 200 years. You should go and read up on your history.
But that's the past. Let's get back to the present. Why don't you compare the industrial and economic progress gradients between Britain and India today. I think that's a lot fairer. I think you'll find that India's economic progress gradient is a sharp positive one with a young vibrant and educated population, whereas Britain with it's ageing population is on a sharp decline. Even Indian kids growing up in Britain today are pound for pound, the second highest academic achievers in Britain. Only Chinese kids offer our kids any reasonable level of academic competition. Whereas native white British kids, especially boys, are somewhere at the bottom of the academic league tables at GCSE and A-level. Where Britain's physical sciences and engineering industries are winding down, India's are literally catapulting to the stratosphere. I'm sure you must have heard of the Indian Space Research Organisation launching a lunar mission to land on the moon's as yet unexplored southern pole? It's not just Indian engineering companies like TATA that own massive chunks of Britain's flailing steel and automotive engineering sectors, Indian biotech companies like the Serum Institute of India is the world's largest vaccine producer.
I work as a data scientist now, but I have experience working in Britain's steel industry in Redcar and Teesside, when it transitioned from Corus to TATA Steel some 13 years ago. In my opinion, the problem with Britain's failing industries is as much to do with the industrial culture that has emerged in Britain over the last 80 years and the behavior of British engineers as much as it is to do with Britain's industrial policies that have been implemented by politicians. To put it bluntly, British engineers no longer have the drive to truly innovate and build industries anymore. They simply want to pocket as high a salary as possible and as quickly as possible, and I witnessed this sort of behavior amongst senior engineers and managers at Steel R&D site at Teesside, which is now called the Materials Processing Institute. The drive for quick capital returns has become the culture of Britain. Even university education is seen as big business in Britain. It's one of the only businesses that Britain has left today: to get as much money as possible from foreign students, studying undergrad and postgrad degree courses even at some of Britain's lowest ranked universities.
Secondly, the strength of the Pound Sterling and the drive to keep Britain's currency as strong as possible seems to be the sole fiscal economic policy. Keeping the Pound strong at any cost is indirectly another factor that has led to the death of British industry. When I was at Corus/TATA steel, Britain was already importing iron ore from China as opposed to mining it in Britain, despite having large iron ore deposits across the country. In fact Britain imports an extraordinary amount, including electricity from places like Norway. As opposed to importing just about everything, selling of patent licences and pocketing the returns for a select few (especially senior British engineers), perhaps Britain should start investing in it's own people and make better use of it's own resources.
Thirdly, there's too much "red tape" in Britain today and this has pushed manufacturing in Britain off the cliff. Yes, I agree, adequate health and safety policy is required in manufacturing but what has happened in Britain today is that health and safety policy has gone to the extreme where it has now become impossible to produce anything without traversing a great deal of costly red tape. In fact reviewing and administering even more stringent health and safety policy has itself become a greater business in Britain today. So instead of applying common sense to safety guidelines and giving engineers and engineering companies in Britain the freedom to manufacture safely, you've tied their hands together with a culture of being too cautious. But at the end of the day, even though I was EPSRC funded (UK tax payer) to do my PhD, Britain's dying industries are not my problem.