The COVID-19 pandemic has exposed adversities of significant dependence on external trade supplies to support domestic manufacturing. Moreover, disruptions in the global value chain severely impacted indigenous manufacturing value chains, in some cases almost irrevocably. These disruptions have raised a fervent clamour to diversify the existing supply chain and causing companies to explore newer options for sourcing and manufacturing. For India, it would generate a host of opportunities to enter the $1-trillion manufacturing base for domestic consumption and shape its global manufacturing value chain for exports.

India is a stable and growing economy supported by an enabling investment environment. It also boasts of a young, skilled and productive workforce, competitive cost of operations, adaptability to new technologies and a substantial domestic consumption market base. Hon'ble Prime Minister of India has laid out a vision of a 'Self-reliant India' which will help the country position itself as a global manufacturing hub in the post-pandemic era. To strengthen the domestic ecosystem, the Government has introduced a production-linked incentive (PLI) scheme in vital sectors to encourage growth in investment in the country and boost exports.