New Delhi, May 29 -- The United States may need to fundamentally transform its industrial base and invest nearly USD 2 trillion if it wants to reduce dependence on foreign manufacturing and rebuild domestic production capacity, according to a new report by McKinsey Global Institute.

The report, titled "Ramping up manufacturing in America?", said the debate around "Made in America" has intensified amid rising geopolitical tensions, supply-chain vulnerabilities, and growing concerns over national security and economic resilience.

"'Made in America' has been part economic policy and part rallying cry for generations," the report noted. "But the United States has been producing less and less of the global total. In 2000, it was the world's ...