India's manufacturing sector is riding the tailwinds arising from a Western shift in interest away from China. As a result, large conglomerates from sectors like electronics, renewable energy and automobiles have expressed their intent to set up shop in the country. A case in point is Apple, whose new plant in Tamil Nadu began production of the latest iPhone 15 last month. Similarly, Tamil Nadu also roped in two new factories from the Denmark-based Vesta, the world's largest wind turbine manufacturer.
The rupturing of global value chains (GVCS) during the pandemic gave the West an opportunity to look away from China towards countries such as India, Vietnam, Malaysia and Mexico. However, the first instance of a deliberate movement of trade away from China can be traced back to the US-China trade war, which began in 2018. India's chemicals, pharmaceuticals and metal sectors immediately benefitted from tightening US-China trade, thanks to their competitive advantage.
This story is from the October 03, 2023 edition of Mint Mumbai.
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This story is from the October 03, 2023 edition of Mint Mumbai.
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