A Losing Game for China or a Remarkable Opportunity for India?
\r\n\r\nThe resurgence of COVID-19 and a zero-COVID policy is leading to dire economic repercussions for China, thus severely compromising its longstanding supply chains—and indirectly offering a compelling opportunity to India to establish itself as an alternative global manufacturing and industrial hub.
\r\n\r\nIndia’s current GDP at USD 3.5 trillion appears promising with a projection to get more than doubled to USD 7.5 trillion by 2031. While India has continued to perform well in sectors such as chemicals, pharmaceuticals, plastics, textiles, apparel, and steel, it is now trying to up its game in sectors and product categories that are typical of Chinese manufacturing. These include mobile phones, semiconductors, automobile parts, batteries, telecom equipment, medical devices and supplies, food products, white goods, defence production, electronics, solar panels, and toys.
\r\n\r\nWhat Makes Manufacturing One of India’s High-Growth Sectors
\r\n\r\nIndia is perfectly poised to gain from China’s fractured economy, supported strongly by its own economic growth projections, infrastructure development, availability of skilled talent, improved ease of doing business, and long-term employment opportunities.
\r\n\r\nThe internationally competitive manufacturing industry is India’s biggest potential to promote economic progress. In 2021, the total exports from India accounted for USD 420 billion and the estimates predict that by 2030, India could export items worth USD 1 trillion, making it the third most sought-after global location for manufacturing.
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