April 26: With the world shaming China due to its approach towards handling the COVID-19. Many companies are looking towards moving out of China and set their manufacturing hubs outside India. Japan recently announced a US$ 2 Billion fund support for companies seeking to bring their manufacturing hubs back to Japan or take it to Other countries. Many other Corporates from US, UK and other developed countries are seeking such benefits from their governments
This has been opportunities for many upcoming countries who are looking to explore the Industrial revolution in their countries and India is leading the list. However, it is not just India who is looking to invite investors. A recent study mentioned that Vietnam, Taiwan, Thailand and Africa are the main contenders along with India for a piece of that cake.
In a recent interview with Union Minister for Road & Highways and MSME, GOI Shri Nitin Gadkari by CNN-News18 he mentioned that “Already our Prime Minister Narendra Modi has good recognition and respect in the whole world. That is going to be a big advantage for the Indian economy. It creates positive influence in the mind of the people and they shall invest more in India and by that, we will achieve the 5 Trillion Economy which will generate more jobs”. He further said “This is a blessing in disguise and we will convert this problem into opportunities. We will win this war and make India a superpower.”
A senior MSME director spoke to IndiaTIES and said “We have created a task force involving experts and representatives of Department of Industries and Commerce, Ministry of External Affairs, Boards handling Exports and Imports and Various Trade bodies and associations who are looking towards improving the MSMEs especially the Manufacturing hubs. We want to turn the current situation into being a major manufacturing hub in the world”
Meanwhile, the Karnataka Government already has a policy called “Compete with China” which has identified 9 Clusters where manufacturing hubs can be set up.