Thursday, February 29th, 2024

“China-Plus-One Opportunity For India Only Open Till…”: World Bank Chief

India has been looking to capitalize on the global trend of companies diversifying away from China, known as the “China Plus One” strategy. This approach encourages businesses to expand their investment horizons beyond China, especially in the wake of the COVID-19 pandemic and the geopolitical tensions between the US and China. The Indian government has been offering incentives to attract companies to manufacture products in India.

World Bank President, Ajay Banga, emphasized the urgency for India to seize the “China Plus One” opportunity, as it may not remain open for long. He pointed out that the window for India to attract investment and businesses looking to diversify is likely to be around three to five years as supply chains pivot or expand their presence.

During his/her visit to a Skill India Mission center in New Delhi, Mr Banga stated that India’s current opportunity lies in cashing in on this global shift away from China. He/she intends to discuss this matter with Indian government officials during his/her meetings in New Delhi.

Last year, an economic consortium consisting of 18 nations, including India, the US, and the European Union, unveiled a roadmap aimed at strengthening supply chains. This move demonstrates the global effort to reduce risks associated with supply dependencies and vulnerabilities.

As the first Indian-American to preside over the World Bank at the age of 63, Mr Banga’s visit to India coincides with the conclusion of the G20 Finance Ministers and Central Bank Governors meeting in Gujarat’s Gandhinagar on Tuesday. India is keen to leverage the “China Plus One” opportunity to boost its manufacturing base and attract foreign investment in various sectors.

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