Finance minister Nirmala Sitharaman on Tuesday said it is prudent for global businesses to spread out their supply chains rather than concentrating them in one place, pitching India as an attractive alternative as China emerges from prolonged pandemic curbs.
Speaking at the Peterson Institute for International Economics in Washington DC, Sitharaman said that however much one would think that supply chains would move out of China, that would not be the case.
A combination of China and others could be a realistic solution, the minister said. “Even as China is opening up again after the zero-tolerance policy and everything, I would still think there would be a lot of investment interest and manufacturing interest going back to China or restoring themselves in China. So, it would be unrealistic to think everything will get out of China. But yet, the shock that had happened in terms of supply chain justifies more than one location and countries like India would be the best in terms of the skill sets that Indians, particularly the youth, have," Sitharaman said.
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