How Indian Businesses Will Benefit From Global Supply Chain Realignment
Seeing the challenges of the pandemic as an opportunity for growth, India is strengthening its economy by realigning the global supply chain.
Air Date: July 21, 2020
Moderator: Madhusudan Gopalan, , Procter & Gamble India
Featured Guests: Minister Piyush Goyal, Minister of Commerce and Industry, Government of India
With the coronavirus pandemic causing global supply chain delays, many countries such as India are looking to help realign them to better benefit their own businesses and economy. This will require an extensive amount of effort and creativity, as countries need to come up with new ways to stimulate their economy. Through agreement and collaboration India in similar countries will be able to benefit from the resurgence of this new global supply chain.
Throughout the pandemic, India has been positioning itself as a country that leads these economical opportunities and subsequently benefits from them. Piyush Goyal, Honorable Minister of Commerce and Industry for the Government of India, is working with the government to make it easier for businesses to grow back stronger and implement massive changes that will not only affect India but the global supply chain.
India Is Looking to Solve the Global Supply Chain Issues
When the coronavirus showed the deficiencies in the global supply chain, India, with its massive population and resources, saw an opportunity to help address and fix these problems.
“There's a trust gap that is available globally, and India is hoping to be able to fill in that opportunity, that gap in international supply chains as a trusted partner,” Goyal said.
“Through…the self-reliant India program, which is to prepare India to work with the rest of the world on stronger terms, on more equal terms, offer India as a market opportunity, [and yet is] also looking at seizing other market opportunities from a position of strength, with quality products…which are made at competitive prices, which are affordable for people around the world.”
A Self-Reliant India Makes It a Better Global Partner
Through this period of growth, India is seeking to become more self-reliant. By becoming more independent, the country will be able to better service its citizens and the nations it partners with.
“I believe our government's commitment while we talk of a self-reliant India is not to close the doors to global engagement, but to rather open them wider, so that India becomes a part of global interactions and global businesses more as an equal, more as a trusted partner,” Goyal said.
“We in the government are committed to making it a two way, mutually-beneficial engagement [that] will make it easier to play cross-borders, yet, make it easier to work within India also, and therefore opening a 1.3 billion people market opportunity.”