As American tariffs bite and orders dry up, Indian firms exposed to the US are scrambling for options. None is straightforward. Shifting production elsewhere means heavy capital outlays, new supplier risks and the headache of securing components and sub-assemblies. Yet a sudden shift in US policy could render such moves pointless.

The calculation, then, is less about margins than about risk. Which is the bigger danger - losing customers or tying up capital in ventures that may turn sour? The answer varies by sector, by supply-chain reliance and by tolerance for uncertainty. 

One conclusion is hard to escape. In a fractured global economy, supply chains are no longer stable. They are the platform on which strategy is now fought.

This podcast explains.