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World Affairs, Economy
Pradeep Kumar

15/04/21 11:45 AM IST

Source: The Hindu

India can be hardware manufacturing hub

In news

There is an opportunity for India to become a hardware manufacturing location as the world’s technology majors have been moving their supply chains out of China over the past 18 months.

Reason
  • The coronavirus pandemic exposed the downside of sourcing much of global manufacturing in one country. 
  • The global shutdown put the spotlight on China, the country first affected by the coronavirus and where the great bulk of the world’s goods are manufactured. China accounts for a whopping 35 percent of global manufacturing output, according to consulting and research firm McKinsey Global Institute. 
Highlights
  • The companies are planning to diversify supply chains amid the ongoing coronavirus pandemic and US-China trade war.
  • So far, India has lagged behind countries such as Vietnam, Cambodia, Myanmar, Bangladesh and Thailand in enticing these companies to set up plants in the country.
  • However, the Indian government expects that the PLI could lead to production of $153 billion of manufactured goods and generation of nearly 1 million direct and indirect jobs.
  • The government had announced a production linked incentive scheme (PLI) for large scale electronics manufacturing to boost domestic manufacturing and attract large investments in mobile phone manufacturing and specified electronic components.
  • According to recent reports, Apple has plans to expand manufacturing in India.
  • Its supplier Foxconn is also planning to invest up to $1 billion in India.  
Source: The Hindu

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