Indian Prime Minister Narendra Modi is on a mission these days. As the pandemic ravages the globe, the leader of Asia’s third-largest economy is quietly drawing up plans to take advantage of a possible shift in international supply chains.
For starters, his government is focusing on investors looking to add manufacturing outside China after the coronavirus outbreak disrupted supplies at the start of the year. The plan is to woo global mobile handset makers, consumer durable companies and others willing to put out more than half a billion dollars. On offer: tax incentives, easy access to land and other infrastructure.
In short, India is borrowing a move out of China’s playbook — the plug-and-play option to become an economic heavyweight.
As the country emerges from one of the world’s longest shutdowns to check the spread of the virus, Modi is keen to get the economy off the ground and regain the mantle of the world’s fastest-growing major nation.