Can India match Chinese success in post-Covid global economy?
China is at the receiving end of world public opinion for its failure to fully disclose information on the new coronavirus outbreak. There are attempts by civil society in OECD countries to make China pay for its lapses. It’s too early to assess how much damage this angst can cause to China, but one thing is clear. The multinational corporations which made themselves totally dependent on China for their manufacturing needs will now look to reduce the dependence. India looks like an automatic choice, at least for us Indians, to be the second manufacturing hub that could emulate the Chinese miracle.
Covid-19 has caused the biggest disruption in world economy after World War II. Like the great war, the Covid-19 pandemic is also expected to be a game changer that will result in the economic restructuring of the world. Is India ready to play a role of a global manufacturing hub? The six-week long nation-wide lockdown has brought all sectors of the economy to their knees. The country was already facing a debilitating economic slowdown when the pandemic struck.