The Harvard Business Review in an analysis, published in May 2020, had identified India as the ‘next big thing’ in the supply chains eco-system while the world was being ravaged by the Covid-19 pandemic last year.
India had just put into place an effective national lockdown strategy – meant to control infection rates and loss of lives – and, by all accounts, the tactic to counter the virus seemed to bring home a decent report card. The country started to look inwards in a bid to prepare itself towards achieving a state of economic self-sufficiency through various schemes, reforms and projects initiated by the government.
Corporates all over the world sat up and took notice and suddenly the FDI’s started to flow in. It was partly the allure of the Indian markets and, in the case of the United States, a survey conducted by the Pew Center which found out that two-thirds of Americans had an allergic view towards China.
So what was the alternative?
All eyes on India despite the second wave
The needle of confidence pointed towards India and Facebook made a statement of intent by announcing that they were all set to pump in $5.7 billion into the country’s largest telecom entity - Reliance Jio. The floodgates to FDI simply burst open and decisions makers were signing hefty cheques over virtual meetings across sectors.
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