Team Blitz India
NEW DELHI: India’s domestic manufacturing sector is set to receive stronger external support in the upcoming months as investment in the sector to rise.
According to the monthly economic review by the Ministry of Finance, a growing number of organizations in the US and Europe are focusing on reindustrialisation. These organizations are primarily aiming to enhance supply chain resilience, a strategy that could significantly benefit India’s manufacturing firms as part of the China Plus One strategy.
The Ministry of Finance monthly review says that the approach of western economies involves diversifying supply chains to reduce dependence on China by incorporating other countries, with India being a prime candidate for such diversification.
India’s modestly improved economic activity and consumer sentiment in Europe and a steady US economy have increased India’s exports in April. According to the Ministry of commerce data, India’s exports, including merchandise and services, increased from $60.40 billion to $64.56 billion (Y-o-Y) in April.
