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And privately, Indian officials concede that they remain dependent on foreign components.
Try this recipe first for a weekend brunch, to give yourself time to master the foreign components.
Many companies had to halt production because the airplanes and ships that brought foreign components and materials ground to a halt.
There was, Wagner told me, a program at the Pentagon whose mission was to worry about the risks involved in using foreign components in U.S. military hardware.
In other words, a product bought today is using the same proportion of domestic and foreign components as a product bought six years ago.
It used to generate 10% of GDP, but has shrunk by 70% in the past three years because it can no longer source foreign components.
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General Electric has 53 C.E.O.'s, one for each division and foreign component.
At the same time they are skimping on basic research, which means they will become increasingly reliant on foreign carmakers or foreign component makers.
Even with an expanded foreign component, expectations of 5-percent-a-year growth in real earnings over the long run are risky, despite buybacks that would reduce the number of shares outstanding.
Ignoring the foreign component, or looking at the world as a whole, the overall level of debt makes no difference to aggregate net worth – one person's liability is another person's asset.
Given the government has virtually no control over the foreign component, a surplus will usually be accompanied by a reduction in savings in the domestic private sector (households and businesses) as they pay more in tax than the government is spending into the private economy.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com