South Africa tour of India 2019
Is India The New Manufacturing Hub?
COVID-19 is putting the global economy into a tailspin. Nearly every sector of economy has been hard hit by the pandemic and a few of them even lost their sustainable identity. For those, who want to regain their agility and existence, they are thinking to shift their manufacturing units from China to India.
Reports have it that thousands of foreign companies are considering moving their manufacturing base from China to India as they exit from China due to coronavirus situations.
It has also been reported that some of the companies have been in constant discussions with Indian authorities at various levels, inputs state. Accordingly, about 300 of these companies from sectors such as mobiles, electronics, medical devices, textiles and synthetic fabric, are actively pursuing plans of setting up manufacturing in India.
Sources also say that government authorities have agreed to this relocation for the companies and India shall emerge as a manufacturing hub soon. Countries like US, Japan, South Korea rely on China currently but they are planning to switch to India for their needs.
Recently, India revised its FDI policy fearing the block of threat of takeovers from Countries like China.
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