TV Narendran Explains The New Local-First Trade Reality | Davos 2026

At WEF Davos 2026, global industry leaders agree on one thing: supply chains have been permanently transformed. What began decades ago as a race to optimise costs has shifted - first to cutting carbon, and now to managing geopolitical risk and trade uncertainty. In capital-intensive sectors like steel, long-term investments can no longer rely on short-term trade stability. The era of ultra-globalised, just-in-time manufacturing is giving way to localisation, regionalisation and resilience. Nations are prioritising strategic autonomy, building domestic capacity and securing trusted trade partners. As global trade realigns and companies look beyond China - and even de-risk the US - India’s large domestic market, resource base and reform momentum position it as a key winner in this new, fragmented global trade order.

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