Harvard Business Review May 25, 2020
Vijay Govindarajan and Gunjan Bagla

America’s relationship with the two most populous countries in the world, China and India, is undergoing a stark, rapid and perhaps permanent transformation. In April, a Pew Center survey found that two-thirds of Americans say they have an “unfavorable” view of China; according to Pew it was “the most negative rating for the country since the Center began asking the question in 2005.” But if China is falling in attractiveness, what is filling its place?

The answer, it seems, is India, where on the same day the Pew survey was released, Facebook, Inc. announced that it invested $5.7 billion into India’s largest telecom company, Reliance Jio, instantly valuing Jio to being among the top five companies in India, were it...

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