As markets around the globe are shaken, the contract manufacturing scope is favorable for the manufacturing industry of India. We need to capitalize this situation & strengthen our Manufacturing, Logistics & other service industries as soon as possible.
We should do the SWAT analysis & the immediate focus should be on recovery & Skill n Process development to strengthen ourselves. Manufacturing industries, including MSMEs, should come up as organized sectors & strategize for future readiness.
China is a major global trade hub, with its exports amounting to about $2.5 trillion, and Covid-19 related disruptions in the country are affecting supply chains across the globe. Provided that India develops its manufacturing and export capabilities over the next year, it could gain up to 50% of the business.
Government Initiatives such as Make in India & business viable policies together can boost manufacturing capabilities, although experts predict that these initiatives will take a longer time period for India to come up to the International Manufacturing Standard.
This is a once in a lifetime opportunity for us to look into import substitution and global exports, looking at what China is contributing and how much of that market could be brought to India.
Once Manufacturing industry grows, Logistics, Finance, Packaging, Insurance and all other Service industry would automatically grow.