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Supply chain shift from China may benefit India
Why is it in news?
- According to a survey, India could benefit from the likely shift in global supply chains from China to other economies in the aftermath of the COVID-19 pandemic.
- The survey conducted by FICCI-Dhruva Advisors, covered more than 150 companies in India.
Outcomes of the Survey:
- A major outcome of COVID-19 is the likely shift in global supply chains away from China to other economies.
- India could benefit from this move and they expect a fair share of manufacturing to shift from China to India in the near future.
- The prospect of introduction of a vaccine against COVID-19 early next year has improved the confidence level of businesses.
- To capitalise on the opportunities, there is a need to strengthen the country’s manufacturing ecosystem.