Post covid world ready to move out of China
At a time when the world has received a “massive jolt” with the Covid-19 outbreak & is thinking of diversifying production, India is trying to establish itself as an alternate to China. The Indian government held high-level meetings to expedite efforts by tapping into palpable global anger against the Far East nation amid the Covid-19 outbreak, officials familiar with the matter said. This will be crucial to spur employment, revenue and earn forex by making India an export hub.
“Countries such as Japan are already looking to diversify their manufacturing and supply chains to newer destinations…the government is working to address disabilities across sectors, including for pharmaceuticals and automobiles, to try and establish India as an alternate to China for manufacturing for local and global markets across sectors,” according to official sources.
To attract investments in electronics manufacturing, the government last month notified three schemes with incentives totalling ₹48,000 crore to boost mobile phone manufacturing in the country. The dominant production-linked incentive (PLI) scheme has the lion’s share of close to ₹41,000 crore with sops to be spread over three years.