India could be the largest beneficiary: JPMorgan CEO explains why as companies look options beyond China

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JPMorgan for Asia Pacific, highlighted the growing enthusiasm for the "China plus one" approach among businesses. He emphasised that India, among other nations, stands to reap substantial benefits from this strategy, potentially emerging as the primary beneficiary.

Also Read: JPMorgan M&A Head sees nearly $150 billion funds focused on India: Report Gori pointed out that India's substantial scale positions it favourably to absorb a significant portion of the supply chain currently sought after by global companies. This insight was shared during an interview with Reuters in Mumbai.

Global corporations like Apple Inc have stepped up production out of India while others like Tesla are in discussions to begin manufacturing in the country. Asia's third-largest economy is seen growing 6.5% in the financial year ending March 31, 2024 - the fastest among major economies - and is trying to attract global corporations, including by offering tax and other incentives.

Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here! "It seems to me that the one component that is missing (in India) is more organized infrastructure, which is more scattered and less uniform than in China," said Gori, who sees low-end manufacturing moving out of China but not high-end manufacturing yet. Deal volume for JPMorgan, across mergers and acquisitions, equity and debt fundraising, has been weak across the region this year and India has not been an exception despite the excitement.

"But the level at which enquiry and activity is picking up in India is substantial," Gori said. Over the past year, JPMorgan's investment banking team in India has witnessed notable expansion, with