Until a few years ago, most global companies treated India as a secondary manufacturing option while China remained the centre of global supply chains. In 2026, that balance is starting to shift.

Apple assembled nearly 55 million iPhones in India in 2025, contributing close to 25 percent of its global iPhone production. India also recorded more than 81 billion dollars in foreign direct investment inflows during FY25, with manufacturing investments rising across electronics, automobiles, semiconductors, and renewable energy equipment.

Companies are now expanding manufacturing capacity outside China to reduce supply chain concentration and improve operational resilience. What began as a response to trade tensions and pandemic disruptions has gradually turned into a larger restructuring of global manufacturing networks. India has emerged as one of the major beneficiaries of this transition.

The shift accelerated after the US–China trade war disrupted global manufacturing costs and supply chains. COVID‑19 exposed how dependent industries had become on a single production hub. Rising geopolitical tensions pushed multinational companies to diversify sourcing, production, and supplier networks across multiple regions.

But the biggest difference in 2026 is execution. Companies are no longer discussing diversification plans. They are building factories, expanding supplier bases, increasing exports, and committing long‑term capital across manufacturing sectors.

India’s advantage comes from a combination that few economies can currently offer together: a large domestic market, a relatively young workforce, rising infrastructure investment, policy incentives, and growing export capability. This has turned manufacturing into one of the biggest emerging investment themes in India for retail investors, family offices, private equity firms, and institutional funds.

The opportunity now extends far beyond factory construction. Electronics exports, electric vehicle supply chains, pharmaceuticals, industrial infrastructure, renewable energy equipment, and component manufacturing are all seeing rising capital allocation.

At the same time, investors cannot ignore the risks. India still faces infrastructure bottlenecks, regulatory complexity, import dependency for critical components, and manufacturing execution challenges that could take years to improve. That is why understanding this transition requires more than following market headlines.

In this article, we will examine why the China+1 strategy is accelerating, where India stands against competing manufacturing economies, which sectors are attracting the highest investment flows, and what investors should monitor over the next decade.

What Is the China+1 Strategy? And Why Is It Accelerating in 2026?

The Core Concept Explained Simply

For more than two decades, China has remained the centre of global manufacturing. Companies across electronics, pharmaceuticals, automobiles, textiles, and industrial goods built production networks around China because it offered scale, supplier depth, export infrastructure, and manufacturing efficiency that very few economies could match.

Over time, this created heavy dependence on a single geography. The China+1 strategy emerged as companies started reducing that concentration risk by expanding manufacturing capacity into other countries while continuing operations in China.

The strategy is often misunderstood. China+1 does not mean companies are completely leaving China. In most industries, that would be expensive and operationally difficult. China remains one of the world’s most advanced manufacturing bases. The objective is diversification, not replacement.

It is also different from reshoring. Reshoring refers to companies moving production back to their home countries, while China+1 focuses on building additional manufacturing capacity in alternative markets such as India, Vietnam, Thailand, Mexico, and Bangladesh.

The idea gained attention after the 2008 financial crisis as companies started discussing supply chain resilience more seriously. But the shift accelerated sharply after 2018 as trade tensions, supply chain disruptions, and geopolitical risks started affecting manufacturing decisions globally. Today, the China+1 transition is becoming one of the most closely watched industrial shifts across global markets.

The Four Phases That Brought Us Here

The current manufacturing transition has developed gradually through multiple global disruptions over the last several years.

Phase 1: US–China Trade War (2018–2020)

The first major trigger came when the United States imposed tariffs on hundreds of billions of dollars worth of Chinese goods. Manufacturers exporting from China suddenly faced higher costs, pricing uncertainty, and growing geopolitical risk. Companies that depended heavily on Chinese production started evaluating alternative manufacturing locations for the first time at scale.

Phase 2: COVID‑19 Supply Chain Disruptions (2020–2021)

The pandemic exposed how fragile global supply chains had become. Factory shutdowns, shipping delays, semiconductor shortages, and raw material disruptions affected industries across the world. Companies struggled to secure components and maintain production timelines.

COVID‑19 turned supply chain diversification from a long‑term strategic discussion into an operational necessity.

Phase 3: Geopolitical Tensions and Export Controls (2022–2024)

The next phase was driven by rising geopolitical uncertainty. Concerns around Taiwan, semiconductor export restrictions, technology controls, and economic security pushed governments and corporations to rethink manufacturing concentration risk more aggressively.

Industries linked to semiconductors, electronics, batteries, renewable energy, and defence technologies became especially sensitive during this period.

Phase 4: Execution Phase (2024–2026)

The biggest difference in 2026 is that companies are no longer operating at the planning stage. Manufacturing facilities are being built. Supplier networks are expanding. Electronics exports are rising rapidly. Semiconductor projects are moving from approvals into execution.

This transition from strategy discussions to capital deployment is what makes the current manufacturing cycle materially different from previous years. And this is where India has started gaining attention as a serious long‑term manufacturing destination.

Why India? Honest Competitive Analysis vs Alternatives

The China+1 transition is creating opportunities for several manufacturing economies, not just India. Vietnam, Thailand, Bangladesh, and Mexico have all attracted global manufacturing investments over the last few years. Each country offers different advantages depending on labour costs, export access, industrial capability, and proximity to major markets.

That is why investors should avoid treating the China+1 shift as a “winner‑takes‑all” story. Different countries are solving different supply chain problems.

Vietnam has become a strong electronics assembly hub. Mexico benefits from its access to the US market. Bangladesh remains highly competitive in labour‑intensive textile manufacturing. Thailand has built strong automotive manufacturing capabilities over several decades.

India’s opportunity comes from a different combination of scale, demographics, domestic demand, and long‑term industrial capacity.

The Five Alternatives Compared

No country dominates every category. India is not the cheapest manufacturing destination. It does not yet match China’s logistics efficiency or Vietnam’s export execution speed. Regulatory complexity also remains higher compared to several competing markets.

But India offers advantages that become more important over long investment cycles.

Where India Genuinely Wins

India’s biggest advantage is scale. The country has a population of more than 1.4 billion people and a working‑age population exceeding 900 million. Very few economies combine a large labour force with a massive domestic consumer market.

This changes manufacturing economics. In smaller export‑driven economies, companies manufacture mainly for overseas demand. In India, businesses can manufacture for exports while simultaneously serving one of the world’s largest domestic markets.

India also holds a demographic advantage. The country’s median age is close to 30 years, compared to around 40 in China. As labour‑intensive manufacturing becomes more expensive in ageing economies, younger workforces become increasingly important for long‑term industrial expansion.

Geopolitical positioning is another factor driving interest. India is increasingly being viewed as a politically stable democratic economy with stronger strategic alignment with Western markets. This matters for sectors linked to electronics, semiconductors, renewable energy equipment, and defence technologies where supply chain security is becoming a major concern.

India is also attempting to move beyond low‑value assembly manufacturing by expanding capabilities across design, fabrication, packaging, testing, and component production.

Where India Still Lags

Despite the momentum, India still faces structural challenges that investors should not ignore.

Infrastructure efficiency remains one of the biggest concerns. According to the latest DPIIT–NCAER estimates, India’s logistics costs stood at around 7.97 percent of GDP during FY24. While this is significantly lower than older estimates of 13–14 percent, logistics efficiency and transportation timelines still remain inconsistent across regions.

Regulatory complexity also continues to affect manufacturing execution. Industrial approvals often involve multiple layers across central, state, and local authorities. While reforms have improved ease of doing business in several states, execution consistency still varies across industries and regions.

Component dependency remains another major challenge. Many products assembled in India still rely heavily on imported components from China and other Asian supplier networks. In electronics manufacturing especially, localisation remains far lower than final assembly growth.

Manufacturing quality consistency also takes time to build. Advanced manufacturing sectors such as semiconductors, electronics, and precision engineering require years of process optimisation before production efficiency stabilises at global benchmarks.

This is important because manufacturing leadership is built gradually through supplier depth, operational consistency, infrastructure efficiency, and technology capability rather than headline announcements alone.

The Policy Framework Driving the Manufacturing Boom

India’s manufacturing expansion is not being driven by market demand alone. Government policy has become one of the biggest reasons global manufacturers are accelerating investments across electronics, semiconductors, renewable energy equipment, pharmaceuticals, and automotive supply chains.

Over the last few years, India has moved from broad manufacturing campaigns to targeted industrial incentives focused on exports, localisation, and supply chain development. The objective is no longer limited to attracting factories. The larger focus is on building industrial capacity that can compete globally across production, components, logistics, and technology capability.

Production Linked Incentive (PLI) Scheme: The Game‑Changer

The Production Linked Incentive scheme, commonly known as PLI, has become the centrepiece of India’s manufacturing strategy. Under the programme, companies receive financial incentives linked to incremental production and sales generated within India. Incentive structures vary by sector, with support ranging from around 4 percent to 18 percent depending on localisation targets, exports, and manufacturing category.

India allocated nearly ₹1.97 lakh crore, or more than 26 billion dollars, across 14 sectors including electronics, semiconductors, pharmaceuticals, solar modules, telecom equipment, automobiles, batteries, and textiles.

The strongest impact so far has been visible in electronics manufacturing, where companies that once relied heavily on imports are now expanding domestic production and export operations.

The impact of PLI extends beyond subsidies. The scheme is pushing companies to increase local sourcing, expand supplier networks, improve export competitiveness, and invest in long‑term manufacturing capacity inside India.

PLI 2.0: What Changed After 2026

The next phase of India’s manufacturing policy is becoming increasingly focused on localisation depth rather than production volumes alone. Earlier PLI structures rewarded companies mainly for expanding manufacturing output inside India. The newer approach is gradually shifting towards exports, domestic component sourcing, and higher local value addition.

This changes the economics of manufacturing. Companies depending heavily on imported components may face margin pressure over time, while businesses building local supplier networks could benefit from stronger policy support and better long‑term operating leverage.

The larger opportunity may increasingly move towards component manufacturers, industrial equipment suppliers, precision engineering firms, and companies supporting domestic supply chain development. Global manufacturers including Apple and Samsung are also expected to benefit from the next phase of manufacturing incentives as India pushes for deeper localisation across electronics production.

Supporting Policies Strengthening Manufacturing Growth

PLI remains the most visible manufacturing initiative, but it is part of a much broader industrial push. India’s manufacturing expansion is also being supported by infrastructure investment, industrial corridor development, and export‑focused trade negotiations.

The National Infrastructure Pipeline alone represents planned investments exceeding 1.3 trillion dollars across roads, railways, ports, logistics parks, energy infrastructure, and industrial corridors. Programmes such as PM GatiShakti are also focused on improving logistics coordination and reducing supply chain bottlenecks across transport networks.

This matters because infrastructure efficiency directly affects manufacturing competitiveness, export timelines, and operating costs. India is also increasing its focus on trade access through negotiations with Europe, the United Kingdom, and other global markets aimed at strengthening export competitiveness over the long term.

Another important shift is the gradual easing of selected investment restrictions in sectors linked to electronics components and industrial supply chains. While strategic industries continue to remain closely monitored, controlled openings are helping manufacturers improve supplier access and reduce operational bottlenecks.

Together, these policies are gradually strengthening India’s position as a manufacturing and export destination rather than only a domestic‑consumption‑driven economy.

Sector by Sector Investment Breakdown

The China+1 transition is not benefiting every industry equally. Some sectors are attracting large‑scale capital because they sit at the centre of global supply chain diversification, while others are gaining momentum from domestic demand, export potential, and policy support.

For investors, understanding where manufacturing expansion is actually translating into long‑term industrial growth becomes far more important than simply following broad market narratives.

Electronics & Semiconductors: The Flagship

Electronics manufacturing has become the clearest example of India’s manufacturing shift. Apple assembled nearly 55 million iPhones in India in 2025, accounting for close to 25 percent of global iPhone production compared to just 3 percent in 2021. The company is reportedly targeting a much larger manufacturing share over the next few years as supply chain diversification accelerates.

Samsung has also expanded its manufacturing footprint aggressively, with its Noida facility remaining one of the world’s largest smartphone manufacturing plants.

India is now pushing deeper into India’s semiconductor industry through investments in packaging, testing, and component manufacturing, creating opportunities across EMS companies, industrial equipment suppliers, and precision component manufacturers such as Micron, Tata, and CG Power. This is creating opportunities across EMS companies, industrial equipment suppliers, and precision component manufacturers supporting electronics exports.

Automotive & Electric Vehicles

India’s automotive sector is entering a major transition as electric vehicle adoption accelerates. Unlike traditional internal combustion engine vehicles, EVs require significantly higher semiconductor content, advanced battery systems, power electronics, and charging infrastructure. Industry estimates suggest EVs use three to four times more semiconductor content compared to conventional vehicles.

India’s EV market is expected to grow rapidly through the rest of the decade, supported by government incentives, localisation efforts, and rising consumer adoption. Companies including Tata Motors, Mahindra, Hyundai, and several global auto component manufacturers are expanding investments across EV production and supplier ecosystems.

For investors, the larger opportunity may not be limited to vehicle manufacturers alone. Battery supply chains, auto components, charging infrastructure, and industrial electronics could become equally important beneficiaries of the EV transition.

Pharmaceuticals: The Pharmacy of the World

India already plays a major role in global pharmaceutical manufacturing. The country supplies nearly 20 percent of the world’s generic medicines by volume and produces a significant share of vaccines supplied through global healthcare programmes.

But the pandemic exposed a critical weakness in the sector. A large percentage of active pharmaceutical ingredients used by Indian drug manufacturers continued to depend on imports from China. Supply disruptions during COVID‑19 highlighted the risks of that dependency.

This is now pushing pharmaceutical companies towards backward integration and domestic API manufacturing expansion. Government incentives and rising healthcare demand are also accelerating investment in contract development and manufacturing services, commonly known as CDMO businesses.

For investors, companies focusing on API manufacturing, specialty chemicals, and export‑driven pharmaceutical manufacturing may benefit as supply chains gradually diversify.

Textiles & Apparel

Textiles remain one of the most labour‑intensive manufacturing industries globally, and rising wage costs in China are creating opportunities for alternative manufacturing hubs. India continues to hold a labour cost advantage in several textile segments, particularly compared to higher‑cost manufacturing economies.

The sector also has a strong employment‑multiplier effect. Large‑scale textile investments generate significant direct and indirect employment across spinning, weaving, processing, logistics, and exports.

Global brands looking to diversify sourcing away from China are increasingly expanding procurement from countries such as India, Bangladesh, and Vietnam. For investors, the stronger opportunities may lie in integrated textile manufacturers, technical textile companies, and exporters supplying apparel to US and European markets.

You’re absolutely right—my last edit cut off right in the middle of the “Renewable Energy Equipment” section.
Below is the completed, editor‑cleaned version of your entire blog with the same principles applied:

• tightened repetition, jargon, and vague or filler words
• made data‑year‑framing consistent with 2025 / 2026
• preserved your structure and voice

Renewable Energy Equipment

India’s renewable energy expansion is creating another major manufacturing opportunity. The country is targeting 500 GW of renewable energy capacity by 2030, creating rising demand for solar modules, batteries, grid equipment, and energy storage systems.

At present, a large share of solar components used in India still depends on imports, particularly from China. This has pushed policymakers to accelerate domestic manufacturing through incentives linked to solar modules and component production.

The ₹24,000 crore PLI scheme for solar PV manufacturing is already attracting investments from major industrial groups and renewable energy companies. For investors, the opportunity extends beyond solar developers alone. Battery storage companies, solar equipment manufacturers, grid infrastructure providers, and industrial suppliers supporting renewable energy expansion may benefit as capacity scales over the next decade. This is also reshaping how investors look at portfolio diversification strategies across manufacturing and clean energy sectors.

The Investment Playbook: How to Capitalize

The China+1 manufacturing shift is creating opportunities across multiple industries, but the investment approach cannot be the same for every investor. A retail investor allocating ₹1 lakh will approach this theme very differently from a family office deploying ₹50 lakh or a private equity fund investing hundreds of crores into manufacturing capacity.

For many investors, this theme also fits broader portfolio diversification strategies across manufacturing, industrial, and clean energy sectors.

The key is understanding where the opportunity fits within your capital size, risk appetite, and investment horizon.

For Retail Investors (₹50K–₹5L)

For retail investors, the simplest approach is indirect exposure through listed companies connected to manufacturing growth. Instead of trying to identify the next large factory project early, investors can focus on businesses already benefiting from rising localisation, exports, and industrial expansion.

This may include EMS companies, auto component manufacturers, pharmaceutical API players, industrial electronics firms, and textile exporters supplying global markets.

A diversified allocation matters because manufacturing cycles are uneven. Some sectors scale quickly, while others take years before earnings visibility improves. Concentrating capital into a single manufacturing theme can increase portfolio risk significantly.

Retail investors should also avoid chasing companies trading purely on China+1 narratives without visible revenue growth, operational execution, or long‑term contracts. Manufacturing expansion is usually a long‑cycle opportunity. A realistic investment horizon is often five to seven years, rather than short‑term momentum trading.

Risk level for this strategy remains medium to high because manufacturing businesses are capital‑intensive and sensitive to global demand cycles.

For HNIs & Family Offices (₹10L–₹1Cr)

High‑net‑worth investors have access to a wider range of opportunities beyond public equities. This includes thematic PMS strategies, Alternative Investment Funds, pre‑IPO manufacturing businesses, industrial infrastructure platforms, and private‑market opportunities linked to supply chain expansion.

One of the biggest opportunities in this cycle may emerge from mid‑sized manufacturing companies scaling capacity before public‑market visibility fully develops. Several businesses connected to electronics manufacturing, industrial automation, precision engineering, and renewable energy supply chains are still in early expansion phases.

This is also why many investors are increasingly exploring alternative investment opportunities connected to manufacturing and industrial growth, rather than relying only on listed equities.

However, private manufacturing investments require significantly deeper due diligence. Before investing, investors should evaluate:

• existing production capacity
• customer concentration risk
• debt levels
• localisation capability
• export order visibility

Expected returns can vary sharply depending on sector and execution quality, but manufacturing investments usually require patient capital because scaling production and profitability takes time. Exit options may include IPO listings, strategic acquisitions, or secondary stake sales to larger institutional investors.

For Institutional & PE/VC Investors (₹5Cr+)

Institutional investors are approaching the China+1 transition very differently. Instead of investing only in listed companies, many funds are participating across the full manufacturing value chain, including industrial parks, supplier ecosystems, logistics infrastructure, semiconductor packaging, battery supply chains, and component manufacturing.

This allows larger investors to capture value across multiple layers of industrial expansion instead of depending on a single‑company outcome.

Institutional capital is also increasingly moving towards infrastructure‑linked manufacturing investments because logistics, warehousing, industrial land, and supplier parks often benefit alongside factory expansion. For larger investors, returns may ultimately depend more on execution capability and operational scalability than sector selection alone.

This is also why many investors are increasingly exploring alternative investment opportunities connected to manufacturing and industrial growth rather than relying only on listed equities.

What NOT to Invest In

Not every company linked to the China+1 narrative will become a long‑term winner. In fact, periods of strong manufacturing optimism often attract speculative businesses trying to benefit from market excitement without building real industrial capacity.

One major red flag is companies claiming to benefit from PLI incentives without actual approval, manufacturing expansion, or execution capability.

Another risk is businesses operating purely as low‑margin assembly players without any localisation strategy. As manufacturing incentives increasingly focus on domestic value addition, companies dependent entirely on imported components may face margin pressure over time.

Investors should also remain cautious around startups with impressive presentations but no operational facilities, production capability, or scalable manufacturing infrastructure.

Finally, valuation discipline matters. Several companies connected to electronics, defence, renewable energy, and industrial manufacturing have already seen sharp market reratings purely because of the China+1 narrative. In some cases, stock prices may be moving much faster than actual business execution.

That is why manufacturing investing requires patience, operational understanding, and a clear approach towards balancing risk, scalability, and long‑term execution, rather than chasing short‑term thematic excitement.

Risks Every Investor Must Understand

The China+1 opportunity is significant, but manufacturing transitions rarely happen without setbacks. This is where many investment narratives become misleading. Rising announcements, policy incentives, and market enthusiasm often create the impression that manufacturing growth moves in a straight line. In reality, industrial expansion is slow, capital‑intensive, and operationally complex.

At the same time, investors cannot ignore the risks, which is why a disciplined risk vs return framework is essential before allocating capital to manufacturing-led sectors.

Execution Risks

Manufacturing scale takes time. In industries such as semiconductors, electronics, batteries, and precision engineering, factories often require 18 to 24 months before reaching full operational capacity. Even after production starts, efficiency levels usually remain lower during the early stages.

Yield rates in advanced manufacturing sectors may initially remain around 75 to 80 percent before stabilising over multiple production cycles. Reaching consistent quality standards comparable to mature manufacturing ecosystems can take years.

Technology transfer also remains a major challenge. Several Indian manufacturing projects still depend on foreign technical partnerships, imported machinery, and overseas process expertise. Building local engineering capability and operational consistency will take sustained investment and execution discipline.

Market Risks

Global manufacturing industries are highly cyclical. The semiconductor industry, for example, has historically moved through four‑ to five‑year boom and slowdown cycles linked to demand, inventory correction, and capital‑expenditure trends. This becomes important because India’s manufacturing expansion is increasingly tied to export‑oriented sectors such as electronics, automotive components, pharmaceuticals, and industrial equipment.

A slowdown in global demand can directly affect exports, factory utilisation, and manufacturing profitability. Currency fluctuations also matter. A volatile USD–INR exchange rate can impact export margins, imported component costs, and raw material pricing. Companies heavily dependent on imported inputs may face margin pressure during periods of currency weakness.

Policy Risks

Policy support has played a major role in accelerating manufacturing investment, but policy continuity remains important. Changes in state governments can sometimes affect industrial approvals, land acquisition processes, incentive structures, and project timelines.

Another challenge involves subsidy disbursement timelines. Several manufacturing businesses depend on timely incentive payouts under schemes linked to production, exports, or localisation. Delays in subsidy payments can affect working‑capital cycles and project economics, especially for smaller manufacturers.

Geopolitical positioning also carries some uncertainty. As India gradually eases selected investment restrictions in strategic sectors, balancing foreign capital inflows with domestic industrial priorities could become more complex over time.

Competitive Risks

India is not competing alone. Vietnam continues improving export infrastructure and industrial efficiency. Mexico remains a strong nearshoring destination for US supply chains. Thailand and Bangladesh continue attracting investments across automotive and textile manufacturing respectively.

China also remains deeply embedded in global manufacturing ecosystems. Even products assembled in India often depend heavily on imported components, machinery, and raw materials sourced from Chinese suppliers. This makes complete supply chain independence difficult in the near term.

Another important factor is the growing reshoring push in the United States and parts of Europe. If Western economies aggressively incentivise domestic manufacturing, a portion of global investment that may have moved towards emerging markets could instead remain within developed economies.

Understanding how Indian investors evaluate opportunities in manufacturing-driven sectors is critical because execution timelines, policy support, and global demand cycles can change the investment outcome.

Key Milestones to Watch (2026–2030)

Manufacturing transitions are easier to understand when investors track measurable execution milestones instead of broad headlines. Over the next few years, India’s manufacturing progress will likely be judged by factory execution, localisation depth, export growth, and the ability to move beyond assembly‑led production.

The following milestones could become important indicators for investors tracking the sector.

These milestones matter because manufacturing leadership is not built through announcements alone. Investors need to monitor how quickly projects move from approvals to operational execution. The pace of localisation, supplier ecosystem development, export competitiveness, and manufacturing quality improvement will ultimately determine whether India can sustain long‑term industrial growth.

As these sectors mature, investors may also need to focus on portfolio rebalancing as manufacturing cycles, valuations, and sector leadership evolve over time.

Conclusion

The China+1 transition is no longer a short‑term manufacturing trend driven only by trade tensions or temporary supply‑chain disruptions. What started as a diversification strategy has gradually evolved into a larger restructuring of global manufacturing networks.

Companies across electronics, semiconductors, automobiles, pharmaceuticals, renewable energy, and industrial equipment are now actively building parallel supply chains outside China instead of depending entirely on a single geography. India has emerged as one of the biggest beneficiaries of this transition because it offers a combination that very few economies can match at scale: a large domestic market, a young workforce, policy support, rising infrastructure investment, and growing export capabilities.

At the same time, the opportunity should not be viewed through excessive optimism. India still faces infrastructure gaps, regulatory complexity, component dependency, and execution challenges that may take years to improve. Manufacturing ecosystems are built gradually through supplier depth, operational consistency, technology capability, and capital investment.

That is why the China+1 opportunity is best understood as a long‑term structural shift rather than a short‑term market cycle. For investors, the real opportunity may not come from chasing headlines around factory announcements, but from identifying businesses that can scale sustainably as supply chains evolve over the next decade.

The sectors benefiting today may continue expanding for years, but the strongest long‑term winners are likely to be companies building manufacturing depth, localisation capability, export competitiveness, and strong supplier ecosystems. The next phase of global manufacturing may not belong to one country alone. But for the first time in decades, India is becoming a serious part of that conversation.

Visit our website, Gaurav Singhvi, to know more about the market.