Global Reset would make huge opportunities available in India

New York – Production in China, considered the world’s factory, has slowed down due to corona pandemic, power shortages and other serious problems. This has led countries worldwide, which depend on China for products and raw materials, to feel the need for a ‘Global Reset’. This means the creation of a new centre of global production that will be an alternative to China. Internationally, India is believed to be an excellent alternative to China’s manufacturing sector. This was confirmed by Union Finance Minister Nirmala Sitharaman, visiting the United States. ‘Global supply chain reset and decisive leadership have opened up ample opportunities in India for international investors and industry,’ said Finance Minister Sitharaman.

Finance Minister Sitharaman spoke at an event organized by the Federation of Indian Chambers of Commerce and Industry-FICCI and the US-India Strategic Partnership Forum in the United States. International investors and industry leaders attended the event. Finance Minister Sitharaman spoke about the success of India’s economic reforms and the rapidly changing situation. India has used technology to increase public participation in banking and industry, leading to increased economic inclusion, Finance Minister Sitharaman said.

As a result, there are many start-ups in India. Moreover, the investment required for this is being raised from the capital market. This year alone, 16 start-ups will qualify as unicorns, reaching a turnover of $1 billion, Sitharaman said, highlighting India’s economic boom to US investment and industry sectors. ‘India is trying to use its full potential by accelerating digitization, even as the economies of all countries are in dire straits in the current challenging times’, Finance Minister Sitharaman added.

Finance Minister Sitharaman’s statements at the event on ‘Global Supply Chain Reset’ are compelling. The crises faced by China, the world’s largest manufacturing centre and supplier of raw materials, have intensified. The Coronavirus pandemic has still not ended in China. The country is also facing a shortage of coal, which has affected power generation. This has affected the production in factories in China. This has resulted in a decrease in the supply of products and raw materials from China to the world. The biggest economic blow is to the industrially advanced nations.

Realizing that they will not be able to rely on China for production in the future, developed countries and multinational companies are now preparing to find alternatives to China. Leaders of Japan and Australia have inferred that India is the most viable alternative to China. As a result, multinational companies leaving China are preparing to come to India. The huge Indian marketplace, availability of skilled manpower, democratic system, economic and political stability attract international investors and industries. At the same time, India has embarked on a comprehensive program of economic reforms. The results are visible and the foreign direct investment (FDI) in India is on the rise.

This will be of great benefit to the Indian economy in the near future. If India becomes an integral part of the global supply chain, that will boost employment. Moreover, state-of-the-art technology will become readily available to India. As a result, the Indian economy could deliver an economic performance like developed countries in just a few years. Finance Minister Sitharaman’s remarks indicate that.