Supply Chain is quite a complex sector that involves the management of entire processes of creation to consumption of products right from the supply of raw materials to their movement and progress through inventory and delivery. It basically makes end-to-end order fulfillment from point of origin to point of consumption easier.
The Growth of Supply Chain in India
Talking about the past few years, India’s supply chain has gained momentum with the introduction of GST, liberalizing FDI, and increased government spending in the sector. That said, the “Make in India” movement is also something that further gave a push to the growth of India’s Supply Chain.
On 20th May 2021, Foreign Minister Subrahmanyam Jaishankar said that India has the ability to strengthen and de-risk the global economy through more effective partnerships. That said, he mentioned partnerships like the supply chain resilience initiative with Japan and Australia as an example of how India can help change global supply chains.
While he spoke about shaping the post-covid era with specific relevance to the role that Asia would play at the 26th ‘Future of Asia’ Conference organized by Nikkei. He further added that among other things Covid-19 is what reshaped the world by changing perceptions and calculations of nations about each other and the world by bringing out the value of trust, transparency, and the importance of reliable supply chains.
How can India help change global supply chains?
According to Foreign Minister S Jaishankar, the first step in re-engineering the way the world works to prepare for and mitigate such cataclysmic events like covid-19, we will have to conceptualize.
He added that there was no doubt that Covid-19 triggered debates on issues like supply chains, global governance, social responsibility, and even ethics but for most people, it equally encourages an objective assessment of the contemporary world so that we’re better prepared for tomorrow. Further in his statement, he said, “Making that happen requires decisions, initiatives, and consultations at many levels. “India, on its part, can help strengthen and de-risk the global economy through more effective partnerships.
India’s role in global supply chains today
– India is working on a supply chain resilience initiative with Japan and Australia.
– The Quad arrangement’s agenda covers vaccine collaboration, critical and emerging technologies, semi-conductors, supply chains, critical materials, and connectivity, amongst others.
– Recently conducted Indian summits with the European Union and the United Kingdom saw advancement on FTAs.
Recommended Read: Benefits of Artificial Intelligence in Supply Chain