Indiia has sought to capitalise on the global lean away from China.
The "China Plus One" strategy - a global economic manoeuvre gaining traction as companies seek to diversify beyond the Asian powerhouse - may have found traction in the wake of the pandemic, but the opportunity is unlikely to stay open for long, the World Bank president has said.
Ajay Banga's alert is of particular interest to India which has sought to leverage this increasingly favoured business approach that advocates for companies to broaden their investment horizons beyond China, thereby spreading their manufacturing base.
The impetus for such diversification has been amplified in light of the disruptions wrought by the COVID-19 pandemic and the simmering geopolitical tension between the US and China.
The Indian government has tried to capitalise on the window by offering incentives like paying companies a few thousand rupees for every mobile handset they manufacture in India.
Mr Banga, during his visit to a Skill India Mission centre in Dwarka, New Delhi, identified a present opportunity for India to claim a portion of this global shift. "India's opportunity currently is to cash in on the China Plus One opportunity," he said.
Historically, China's low labour and production costs have proven to be an irresistible lure for international corporations seeking to set up production units. However, the susceptibility of the global supply chain, exposed during the pandemic, combined with escalating tensions between China and the US, have spurred Western economies to cast their nets wider.
Underlining the time trial for India to seize the moment, the World Bank's chief said, "The 'China Plus One' window will not remain open for a decade. This is a three-to-five-year opportunity as supply chains start pivoting or broadening their presence."
Mr Banga said cashing in on the 'China Plus One' opportunity is one of the topics he hopes to raise with the Indian government officials over his meetings in New Delhi on Wednesday.
In a significant development last year, an economic consortium of 18 nations, including India, the US, and the European Union, revealed a comprehensive four-point roadmap aimed at fortifying supply chains, underscoring a global effort to mitigate risks inherent in supply dependencies and vulnerabilities.
At 63, Mr Banga made history last month, becoming the first Indian-American to preside over the World Bank. His visit to India coincided with the conclusion of the G20 Finance Ministers and Central Bank Governors meeting on Tuesday in Gujarat's Gandhinagar.