Global companies have stepped up efforts to implement the ‘China Plus One’ strategy, of diversifying their supply chains in the wake of the Covid-19-induced disruptions and US-China trade tensions. This provides a second chance for India to emerge as a global manufacturing hub. While India has managed to capture the services outsourcing wave to become quite the back office of the world, the ability to expand the manufacturing sector – with its trickle-down effect – will be critical to job creation and balanced growth.