Nomura

Nomura, a Japanese broking house, also pointed to growing "anecdotal evidence" of India emerging as a winner from "trade diversion and supply-chain shift in low and mid-tech manufacturing" particularly in sectors like electronics, textiles and toys.

Apart from the fact that China is now back in the running, companies are also "not entirely writing off other Asian competitors, with countries like Vietnam still on their radars", economists Sonal Verma and Aurodeep Nandi from Nomura said in a note earlier this month.

Another major concern, says Nomura, is India's ongoing reliance on China for raw materials and components used in electronics like iPhones, limiting Delhi's ability to fully capitalise on supply chain shifts.

But also because countries with a large rise in imports from China generally tend to see the sharpest slowdown in manufacturing growth, according to Nomura.

Their sudden inflow will prove "very disruptive" to emerging economies in Asia, according to Japanese broking house Nomura, whose research earlier revealed that China was flooding global markets with cheap goods even before Donald Trump took office earlier this year.