Is India Poised To Become A Global Manufacturing Hub?

COVID-19 pandemic has been accompanied by not just business disruption of monstrous proportions all across the globe, but a whole lot of political turmoil as well. Many countries, including Japan, Australia and South Korea are evaluating alternatives to reduce their trade dependence on China and many global conglomerates are working overtime to try and take their manufacturing facilities outside China, amidst growing concerns of mistrust against Chinese administration and the political fallout of the prevailing geopolitical conditions in the region. In fact, India, Australia, and Japan have recently started discussions to launch a trilateral supply chain resilience initiative with the main objective of reducing their respective manufacturing and production dependency on China, and to attract increased foreign direct investment into the Indo-Pacific region with the ultimate aim of turning the region into an economic powerhouse.