New Delhi, July 10 -- India is strengthening its position as a key global manufacturing destination and is emerging as a major beneficiary of ongoing shifts in international supply chains, according to a study by Associated Chambers of Commerce and Industry of India (Assocham).

The report noted that while China continues to be the world's largest manufacturing economy, global companies are increasingly diversifying production across multiple countries. Strategies such as China+1, nearshoring and friendshoring are being adopted to improve supply chain resilience and reduce dependence on a single geography.

"India has emerged as one of the emerging manufacturing leaders by significantly improving its manufacturing performance relative to ...