Made-in-India taking over American markets as Chinese imports slump

News Snapshot:

India is gradually benefiting from recent global changes in manufacturing, sourcing, and supply chains, while China is facing challenges. Over the past five years, various disruptions, including trade conflicts, the COVID-19 pandemic, Brexit, Ukraine war, assertive industrial policies etc have significantly altered the landscape of global manufacturing for export. A recent study by Boston Consulting Group reveals that while US imports from China decreased by 10 per cent from 2018 to 2022, imports from India increased by 44 per cent. For instance, US imports of mechanical machinery from China dropped by 28 per cent from 2018 to 2022, but increased...