The globe is looking for answers to supply chain issues caused by health crises, natural disasters, and geopolitical events. Recent events like as the coronavirus epidemic and the Ukraine war have affected the global supply chain, resulting in high price increases throughout the world.
At this point, India is charting its course to become more involved in global supply chains as an alternative to China. It strives to become the world’s third largest economy by the end of this decade.
Every step involved in providing a finished product or service to clients is referred to as a supply chain. A disruption at any level causes delays, unavailability, or even price increases, hurting markets as a whole.
What is the answer from India?
During the Covid epidemic, India emerged as a trustworthy nation. Prime Minister Narendra Modi said on Sunday, challenging the effectiveness of the global supply system. Which failed when the world needed it the most.
India, which has always been a great market for global marketers, is now developing as a manufacturing powerhouse with enormous potential. Several major corporations, including Apple, have already begun manufacture in India. The nation plans to commence domestic microprocessor production by the end of 2024.
“Global demand for Indian goods has increased,” the Prime Minister stated, citing his ‘Vocal for Local’ motto, which aims to stimulate domestic manufacturing in a globalized world.
He believes that supply chain resilience and sustainability must now be prioritized in order to drive enterprises beyond the bottom line.
Finance Minister Nirmala Sitharaman further stated that India is aiming to play a vital role in the supply chain. Through output incentives and the expansion of its domestic consumer market.
Ms Sitharaman stated that the production-linked incentive programmes are bringing global value chains to India. Assisting the country in becoming a bulk producer of manufactured products.
With ‘Made in India’ laptops and PCs, India is also pursuing a significant position in the electronics sector. It has already surpassed the United States as the second largest producer of mobile phones.
Because of the geopolitical scenario, the western world is relocating its supply chains away from China. India is attempting to capitalize on this opportunity. The government has set an aggressive goal of attaining $2 trillion in total exports per year by 2030.
Also Read:- Why Did R Praggnanandhaa Fail Against Magnus Carlsen?