In particular, Sitharaman's announcement of a tax cut to 15 per cent (17.02 per cent with surcharge and cess) for new manufacturing units has gone down very well with these multinationals. Now, if India can quickly provide some long-term assurances on easing rigid labour laws and the availability of land, it could receive as much as $175 billion of FDI in its manufacturing over the next 18-24 months. The telecom industry, which is already seeing a large shift in production lines to India could be the immediate gainer. If some electronics majors also shift base to India, it could lead to the birth, over a slightly longer time frame, of the semiconductor industry in India. So, like all dark clouds, the coronavirus outbreak could also be hiding a silver lining.