Ajay Piramal: Look to India to diversify supply chains

The “Warren Buffet of India” believes China’s geopolitical strife is a trade opportunity for India. 

The impact of COVID-19 and a backlash against China has opened the door for India to become a global manufacturing superpower, says Indian billionaire Ajay Piramal.

Speaking at an Asia Leaders Series meeting, Piramal, known as the “Warren Buffet of India”, said companies should vary their supply chains rather than jump on the reshoring bandwagon, which has been touted by some policymakers.

“You need to diversify your sources of supply,” he said, emphasizing that companies should look to trade-off efficiency for resilience in global supply chains, now that the COVID-19 pandemic has exposed the risk of relying on “just in time” production.

The tycoon also drove home the need to reduce reliance on China, noting that some large manufacturers were tapping into the Indian market. This includes Salcomp, the world’s biggest maker of phone chargers, along with Apple suppliers…