COVID-19 has impacted the whole world, including the global economy. Most developed economies are clocking negative GDP (Gross Domestic Product) growth, leading to a global economic crisis worse than the 2009 global financial crisis. With COVID-19 affecting different industry segments differently, the recovery timeframe varies significantly as well.
Manufacturing is one such sector that has been impacted severely, because of supply chain disruptions, over-reliance on a single location for all supply chain needs, leaving companies scrambling to find alternative manufacturing hubs, besides China. India’s strategic position in terms of geography, GDP growth, availability of skilled talent, technology-enabled manufacturing, etc., make it a viable alternative as a manufacturing hub.
This Zinnov report answers questions like –
- What are the factors that put India in a favorable position to become a viable manufacturing hub?
- How is the Indian SMB ecosystem helping propel India as a manufacturing destination?
- What the specific initiatives and policy support provided by the government for the manufacturing sector?
- In the wake of COVID-19, how has the government pivoted its strategy to boost the manufacturing sector?
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