The Covid-19 pandemic has dealt a huge blow to the concept of globalisation. It is not as if the essentials of the concept have been challenged. But it has challenged globalisation’s extreme form of country specialisation. With the world depending on China for a vast array of manufactured products, the national lockdowns aimed at preventing the n-coronavirus from spreading have cut off or choked supply lines of almost everything, from medicines to ventilators.

The global reaction to the Chinese monopoly in manufacturing has not been very unexpected. Led by the USA, all other nations are looking towards cutting their dependence on China. India has decided to seize the chance and attract those investments that are looking to disperse away from China.

We must also remember that it is not going to be easy, neither will it happen overnight. According to the United Nations Statistics Division, China has a share of nearly 29 per cent in the global manufacturing cake with the USA following with a mere 16.6 per cent. India, with a share of about three per cent, occupies the sixth position.

The power of China and its stranglehold on the world economy are quite clear from such numbers. And for India, that is a big opportunity. China’s vice-like grip on the world economy has now started to worry all nations and the companies.

Anticipating a shuffle in the manufacturing investment strategy, India has swung into action. According to various media reports, the Centre has already earmarked 461,589 hectares for investments shifting away from China.

South Korea is three per cent the size of India but has a 3.6 per cent share of global manufacturing against India’s 3.3 per cent. India is not only a huge country but its population of 1.38 billion is the world’s second-largest. Prime Minister Narendra Modi had, after assuming office, declared the importance of manufacturing and made “Make in India” a mission statement of his government; we can now realise how astute that call was.

The coronavirus pandemic is a survival challenge, but it has also opened an opportunity for us to seize – for India to become a major manufacturing nation again. Let us seize the day.