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.