China has long been hailed as the world's manufacturing hub, drawing companies to its shores due to its immense population and surplus labour force. However, recent years have seen a shift in this trend, with an increasing number of companies eyeing India as a more favourable manufacturing destination.
Apparently, companies are shifting to India instead of China, recognizing China's increasingly unreliable business environment, lack of respect for intellectual property rights, and exploitative labour practices. India, on the other hand, offers a more stable and conducive setting for business growth, with a skilled workforce and supportive government policies fostering innovation and development.
India, with its burgeoning economy and proactive government policies, has emerged as an attractive alternative to China. The Indian government has undertaken various measures to boost manufacturing, including tax reductions, streamlined regulations, and investments in infrastructure. These efforts have borne fruit, with India witnessing rapid economic growth, outpacing even major economies like China.
Major corporations are recognizing the advantages of manufacturing in India. Companies like Foxconn, Oppo, Vivo, SAIC, and even tech giant Apple have established manufacturing facilities in India. The allure lies in India's large and skilled workforce, lower labour costs, and the presence of other major manufacturers in the region.
India's proactive stance towards attracting foreign investment and fostering a conducive business environment has positioned it as a superior option for manufacturing compared to China. With its vast potential and government support, India is poised to further solidify its status as a manufacturing powerhouse in the global arena.
Report by
Shomen Chandra
Intern, The Narrative