The jeopardy of coronavirus hovering over China has shaken up its economy. Known to be the factory of the world, its production and trade activities are completely shut out. However, this menace has turned out to be an opportunity for Indian market to acquire new market and re-consider the risk management for Indian manufacturing. Although the world is looking towards the impact of the viruses, its time India take notice of the opportunity that lies within. On a positive note, Indian industrialists have been perceiving this elbow room to maneuvers

Managing Director of Tata Chemicals, R Mukundan shared his opinion, " While it is difficult to see what the impact (of the virus outbreak) may be, it is important to see where the opportunity may lie. At this time, companies should analyse their international competitors' supply chains and see what new places could be occupied, he said while speaking at a Confederation of Indian Industry (CII) conference in the city. This is a once in a lifetime opportunity."

The over-dependence of India on China for the manufacturing has come into light. Its time India needs to pay more attention to the manufacturing industry and grab new opportunities. The debacle could also be a lesson for companies in assessing risks to their business.

Vikram Kirloskar, vice chairman at Toyota Kirloskar Motors and president of CII says, "Risk management in a business has to be done on a more comprehensive basis, and look at not just monetary risks." He also recounted how global manufacturing has been impacted in the past due to the concentration of manufacturing of certain components in one place, like when a tsunami hit Japan in 2011.

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