As always, I hope that this question receives an excellent answer that directly answers your question, rich in detail and abounding in citation of quality sources. I personally know little about manufacturing in Northern India during the time period at hand (EU4, perhaps?) and would love an introduction into what changes were taking place there and then in addition to how those changes related to what would soon happen in Europe.

In the meantime, you may be interested in some previous work done by the sub on this and adjacent topics. Our "Very Frequently Asked Questions" page includes a section on European imperialism with answers that you may find illuminating, such as "Why didn't the Muslim world have an Enlightenment like Europe? - by /u/CptBuck" and "Why is Jared Diamond's Guns, Germs, and Steel not good? - by /u/CommodoreCoCo".

You may also enjoy a gander through the faq section on Europe, as the first answer linked there presently is "Why did European powers, in particular, start dominating and developing at a rate which other powers of the time (Ottoman Empire, Ming Dynasty in China, Saffavids in Persia and the Moghul Empire in India) could barely keep up with? by /u/profrhodes" which doesn't tackle the specifics you requested but does give a thorough treatment of present historiography on the central topic, ie. why Europe rose to political dominance during industrialization.