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For decades, China has been the world’s factory, thanks to its massive workforce, efficient infrastructure, and manufacturing prowess. However, recent trade tensions, rising labour costs, and supply chain disruptions have made companies rethink their heavy reliance on China.
This is where India steps into the picture.
“India has a window of three-to-five years to seize this opportunity to attract investment. I think India’s opportunity currently is to cash in on the ‘China plus one’ opportunity. This opportunity won’t stay open for 10 years”, said Ajay Banga, the former Mastercard CEO who became World Bank chief last month.
Offering a vast and young labour pool, progressive economic reforms, and a flourishing digital infrastructure, India has the potential to become the ‘Plus One’ for many global corporations. It’s an opportunity that could accelerate India’s industrial development, increase employment, and contribute significantly to its GDP. And an opportunity for us to accelerate our growth.
However, this doesn’t imply a walk in the park. Seizing this opportunity poses both opportunities and challenges.
In a nutshell, the ‘China Plus One’ strategy presents India with a fleeting but potentially transformative chance to reshape its industrial landscape and achieve its aspiration to become a global manufacturing hub. Now it’s time for the nation to make its moves carefully yet swiftly.
If you are a small or medium-sized textile manufacturer in India, this is the time to take your business global. Take your business global. Find customers in the USA, and ship your products without interruption because there is a growing acceptance of Indian-made products in the market.
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