Case study: India is located in southern Asia, with the Bay of Bengal to the country's east and the Arabian Sea to its west. Positioned alongside the important trade corridor of the Indian Ocean, India is approximately one-third the size of the United States in area. Its major natural resources consist of coal (fourth-largest reserves in the world), iron ore, manganese, mica, bauxite, rare earth elements, titanium ore, chromite, natural gas, diamonds, petroleum, limestone, and arable land. The majority of the country's land use (60 percent) is allocated to agriculture. India is a largely rural country that suffers from a significant lack of infrastructure in both metropolitan and rural areas.109 India boasts a population of 1.36 billion. The country is approximately 80 percent Hindu and 14 percent Muslim. The population is also relatively young: Approximately 85 percent of its population is 54 years old or younger. The population growth rate is a steady 1.14 percent. Hindi is the dominant language, but Indians, depending on their ethnicity and geographic location, speak a variety of other languages as well, including Bengali, Telugu, Marathi, Tamil, Urdu, Gujarati, Kannada, Malayalam, Oriya, Punjabi, Assamese, and Maithili. These various languages form the basis of how the states within the country are divided. While Hindi is the dominant language, English is the language primarily used among the educated class and in commercial and political communication.110. India has an incredibly diverse economy, with a modern industrial and service sector mixed with traditional village farming and handicraft creation. The country has leveraged its educated English-speaking workforce to become a global information technology hub. Services account for over 60 percent of GDP, despite employing less than a third of the 520 million people in the workforce. India's GDP in 2018 was US$2.8 trillion.111 GDP growth in India has been higher and more consistent compared to many of the other larger emerging markets, with recent annual growth rates holding steady at over 7 percent.112 India still faces numerous socioeconomic and security challenges, including a very high rate of poverty and strained relations with neighboring Pakistan. Per capita income remains below the global average, the country still lacks countrywide improved sanitation, and global life expectancy ranks 163 out of 223 countries.113 India's tense relations with Pakistan date back to the moment each gained independence from the British empire. Split along religious lines, India was intended to remain a largely Hindu state, while Pakistan was intended to be a predominantly Muslim one. Fighting between the two neighbors started almost immediately. Kashmir, where the leader of the state was Hindu but the majority of the population was Muslim, has served as a focal point for disagreements between the nations. The multiple wars over this area are known collectively as the "Kashmir Conflict."114 Because India was under British rule, India adopted the "common law" legal system, with certain codes intertwined based on particular religions. As a democratic republic, India's political system is also similar to that of the British system. The country has operated with this form of government since it famously declared independence from the United Kingdom in 1947, marked by peaceful protests countrywide organized by Mahatma Gandhi. The executive branch consists of the president, vice president, prime minister, and cabinet of appointees; the legislative branch is fashioned as a bicameral parliamentary system; and the judicial branch is modeled off of the English court system. In late 2016, Prime Minister Narendra Modi announced that the country would be withdrawing high denomination bills from circulation in attempts to curb corruption and illicit use of currency. This caused mass panic across the country as customers rushed to exchange old notes, which significantly disrupted the economy for weeks, with the two major stock indices in India falling over 6 percent on the day after the announcement. While the idea received praise from banks and experts internationally, 99.3 percent of the demonetized notes were deposited in banks, leading analysts to claim that the effort did not effectively remove illicitly used cash from the economy.115 You Be the International Business Consultant In recent years, U.S.- and European-based companies have largely dominated India's emerging Internet economy. In response, India announced plans in January 2019 to introduce a "national champion" policy that would tighten restrictions on foreign firms, giving domestic start-ups an advantage in the marketplace. A similar plan has worked for domestic Internet retailers in neighboring China, where Alibaba Group Holding Ltd. and Tencent Holdings Ltd. compete without much interference from U.S. and European companies. This announcement comes on the back of massive investments and major successes by foreign firms. Amazon, now India's top online retailer, hopes to continue its growth with a US$5 billion investment, and Walmart spent US$16 billion to acquire Flipkart, India's largest domestic online shopping firm. Question: Considering the dominance of U.S. and European companies in India's Internet economy and India's introduction of the "national champion" policy in 2019:

1. Provide Specific reasons for recommending/not recommending India as an investment destination if you were advising companies like Walmart or Amazon. (write as a business report). please provide Harvard full references from journal article and in text citation