India, Nov. 27 -- For nearly three decades, the world's manufacturing heart throbbed in China. The Pearl River Delta became the planet's assembly line, and Shenzhen the workshop. They, along with other sites in China, shaped everything from phones to toys. It could not go on forever. History tells us that global supply chains are products of geopolitical moments, which shift like sand, maybe over decades or centuries. Post-Covid, across boardrooms and nations, a new phrase took shape: China + 1. It describes a strategy to develop alternative supply chains to mitigate risks, diversify production, and protect growth.

Firms across sectors chased new geographies to replicate China-like operations. Over the past few years, there has been a sl...