India's growing prowess in finance contrasts with its weakness in manufacturing.
That is despite constant government intervention,
most recently through the "Make in India" campaign launched in 2014 by the prime minister, Narendra Modi.
The main difference is that financial firms, unlike manufacturers, are able to avoid many of India's impediments:
a maze of permissions and tariffs that control production, laws supposed to protect low-wage workers that instead discourage hiring,
and wretched transport and communications networks.
The towers that house international financial firms have dedicated phone and high-speed internet connections,
generators to provide backup power and global standards of fire safety.
Goldman Sachs's new campus in Bangalore cost $250m.
Once inside, a visitor feels he has been transported to the company's New York headquarters (the same architect designed both).
Both have similar amenities, such as subsidised fitness and childcare facilities, as well as a medical office.
The number of people Goldman employs in Bangalore has risen from 291 in 2004 to 5,000.
And India itself now provides expats, with more than 700 Indians on transfers to the firm's offices elsewhere.
In the past few years UBS has opened three new centres in India.
The most recent, in the western city of Pune, is in a building shared by Credit Suisse and Alliance and Northern Trust,
a stone's throw from others occupied by Barclays and Citi. Between Mumbai and Pune UBS now has 4,000 employees.
A sophisticated recruiting effort looks beyond recent graduates to tap emigres who might be tempted back home by the right opportunity.
Among the recent hires are a group of women returning to work after years away to care for children or ageing parents.
Their careers have included stints at banks, rating agencies and a global pharmaceutical company,
with expertise in risk analysis, quality control and product management.
UBS's research department hires staff with expertise in cloud computing, statistics, machine learning and automation.
They have contributed to recent reports using, for example,
web-scraping tools to understand trends in the pricing of air-conditioning,
geospatial technology to map bank branches and population density,
and analysis of corporate filings to map crossshareholdings of corporations and uncover their vulnerability to a credit crunch.
UBS is perhaps unusually committed to innovation in India.
But any large bank with operations in the country is making significant efforts in similar ways.
With hindsight, given its prowess in computer engineering, all this will look obvious.
But bankers say they have been startled by how fast India, notwithstanding its local challenges,
has become an intellectual force that is now shaping their global futures.