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India can be 'world's office' if China is 'world's factory': Uday Kotak

The comment comes on the backdrop of the reports that a number of global giants are looking to shift their manufacturing facilities to other countries from China

twitter-logoBusinessToday.In New Delhi Last Updated: May 24, 2020 | 22:40 IST
India can be 'world's office' if China is 'world's factory': Uday Kotak
"China is the world's factory, India can be its office!" Kotak tweeted

Managing Director of Kotak Mahindra Bank Uday Kotak on Sunday stressed on the cost-competitiveness of India's professionals across sectors and said that the country has potential to become the world's office. "China is the world's factory, India can be its office!" Kotak tweeted.

The comment comes on the backdrop of the reports that a number of global giants are looking to shift their manufacturing facilities to other countries from China on account of the coronavirus pandemic. According to a recent Bloomberg report, India is developing a land pool nearly double the size of Luxembourg to attract businesses moving out of China.

A total area of 461,589 hectares has been identified by the government across India for the same purpose, the report also said citing unidentified sources. It includes 115,131 hectares of existing industrial land in states including Gujarat, Maharashtra, Tamil Nadu and Andhra Pradesh. Luxembourg is spread across an area of 243,000 hectares. Earlier this month, there were reports that Apple is planning to shift nearly a fifth of its production capacity from China to India in wake of pandemic.

Prime Minister Narendra Modi, in his recent speech, said that India needs to achieve self-reliance by boosting domestic consumption of locally-manufactured products that would in turn strengthen the domestic industry.

Also read: Coronavirus India Live Tracker: Delhi registers 508 new cases in 24 hours; tally over 13,400

Also read: Eid-ul-Fitr: Is the Indian stock market open or closed for trading tomorrow?

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