India to benefit from shifting of global supply chains from China: Survey
India could benefit from the likely shift in global supply chains from China to other economies in the aftermath of the COVID-19 pandemic, according to a survey.
The Ficci-Dhruva Advisors Survey conducted this month covered more than 150 companies in India.
"Another major outcome of COVID-19 is the likely shift in global supply chains away from China to other economies. Nearly 70 per cent of the survey participants have said India could benefit from this move and they expect a fair share of manufacturing to shift from China to India in the near future," said Ficci on the findings of the survey.
Moreover, the prospect of introduction of a vaccine against COVID-19 early next year has improved the confidence level of businesses, with almost 74 per cent of the participants foreseeing a significant positive impact on their business once the vaccine is made available, the survey revealed.
However, to capitalise on the opportunities that could come India's way, there is need to strengthen its manufacturing ecosystem. Under the Aatmanirbhar Bharat package, the government has introduced several measures to address the immediate pain points of the economy as well as steps to improve India's manufacturing competitiveness.