In her article, “India: A potential winner in the China supply chain crisis,” Ship4wd CEO Carmit Glik explains why India is poised to become a significant player in the global supply chain and how small and medium-sized businesses stand to benefit.
As the world grapples with a turbulent global economy and disruptions to China’s supply chain, India stands to emerge as a potential winner in the new global trade landscape. Ship4wd CEO Carmit Glik discusses on the latest issue of Trade Finance Global what makes India the perfect candidate to take on the mantle of being a future supply chain superpower.
With its rapidly expanding economy, abundant and educated workforce, plus pro-business government, India is making significant investments in infrastructure, manufacturing, and shipping to become one of the most prominent participants in the global supply chain. “And for owners of small and medium-sized businesses currently dependent on China for their imported goods and materials, India’s opportunity could provide long-term gains,” Glik tells TFG. If you’re an SMB looking to reduce supplier costs and diversify your supply chain, India is an option worth exploring.
As Glik states, “India is determined to achieve a more prominent role in the global supply chain,” signifying its ambition to become a more significant player in the international arena. Several factors could transform India into a global supply chain superpower, such as:
- India is the second-largest English-speaking country in the world, making it easier for business communication between India and other countries.
- India has the fifth-largest economy globally and has doubled in size every five years over the past three decades.
- The Indian government has announced incentives such as tax breaks, bureaucracy reduction, and increased foreign investment limits to attract more foreign direct investment into manufacturing sectors.
- India will overtake China as the most populous country in the world later this year. Roughly one-in-five people globally who are under 25 reside in India, with a median age of 28.
- The Indian government has announced plans to invest over $1.4 trillion over the next five years to strengthen its manufacturing sector and create an efficient and reliable supply chain to support its economic growth.
India’s growth as an emerging marketplace can provide businesses with efficient logistics resources and cost-efficient alternatives to China. Exploring supplier options to strengthen your supply network is imperative as a business owner. To ensure success navigating different suppliers from different countries, rely on a trusted shipping industry expert. Ship4wd can support your small or medium business by managing your global shipments and ensuring you receive the desired products on time.
A word on supply chain diversification
The risk of relying on a single source for goods and manufacturing is well-known, and now more than ever, it’s essential to ensure that your supply network is diversified to avoid disruptions.
In the latest edition of Inbound Logistics Magazine, Glick weighs in on how critical it’s for small and medium-size business to give extra thoughts to diversifying their supply chain.
“Diversification reduces the risk of supply chain disruption caused by market fluctuations and the unavailability of certain resources,” Glik tell the publication, adding that “By having a range of providers and associates, a business can better anticipate and respond to unexpected events.”
Diversifying your supplier network offers a range of advantages, including increased flexibility and resilience.
- By having multiple suppliers, businesses will be better prepared to face and avoid disruptions in the supply chain.
- An expanded pool of suppliers can provide more competitive pricing, allowing businesses to find more cost-effective solutions for their needs.
- Additionally, diversifying a supplier network can open the door to innovation and improve customer loyalty due to higher quality goods or services.
- Finally, having multiple sources allows businesses to reduce the potential risks of relying on one supplier exclusively.
For SMBs, India presents an opportunity to expand their supplier network and secure sustainable, cost-effective solutions. Read the original publication here.
Ship4wd is here to assist your small and medium-sized business manage global shipments and ensure you get the right product at the right time. We offer services such as freight forwarding, customs clearance and brokerage, logistics, customs compliance, and much more. So don’t miss out on this opportunity to expand your business horizons—contact us today to find out how we can help you succeed in India’s emerging supply chain corridor.