MSME financing and digitisation can help make India a manufacturing superpower

India commands a three percent share in the global manufacturing value chain while having the second largest population. From the manufacturing of pharmaceuticals, healthcare goods, chips, to electronics and white label goods, India needs to achieve self-reliance. The COVID-19 pandemic has shown that achieving self-reliance is not a matter of choice but a necessity. With the global supply chain being in flux, there is an opportunity.
The first steps towards making India a manufacturing superpower were taken with the Supply Chain Resilience Initiative (SCRI) of the Quad. The SCRI shows the growing chorus asking for India's participation in an alternative global supply chain. A three-pronged approach based on a foundation, a driver, and a multiplier can make this happen: infrastructure creation, MSME supplier financing, and digital transformation.