India will have the opportunity to build an economy following the COVID-19 pandemic that is more resilient, diversified and attractive to global manufacturers and services as the majority of the businesses worldwide have faced disruptions and economic fallout, according to Nisha Desai Biswal, president of US India Business Council (USIBC).
India is expected to benefit as it is hoped that businesses will want to de-risk in having too much of a supply chain concentrated in one area and try to diversify and disperse, Biswal said.India will have the opportunity to build an economy following the COVID-19 pandemic that is more resilient, diversified and attractive to global manufacturers and services as the majority of the businesses worldwide have faced disruptions and economic fallout, according to Nisha Desai Biswal, president of US India Business Council (USIBC).#
"Now after the pandemic, I think it just further underscores that there's an opportunity here for India. In the midst of all of the disruption and economic fallout, there's an opportunity to build an economy that is more resilient, that is more diversified and that is more attractive to more global manufacturing and global Services," Biswal, who served as the assistant secretary of state for South and Central Asia during the previous Barack Obama administration, told a news agency.
She said USIBC is committed to working with India on positioning of a post-pandemic opportunity to ensure that the country continues to be a global services hub in sectors like pharmaceuticals.
But India will also have to ensure it takes steps to create more efficient opportunities for supply chains to be located in India, whether on economic incentives or on labour, she said.
USIBC has written a letter to Prime Minister Narendra Modi underscoring the need for keeping supply chains open, maintaining an open global trading system, and to think about stimulus to support Indian businesses for global investors.
It has been having conversations with the Indian ambassador to the United States Taranjit Singh Sandhu and his US counterpart in New Delhi Ken Juster and other senior officials in both the countries over the matter, she added.
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