Industryexpertsindia (7)

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Sourcing from India to build on competitive
advantages Given recent global events like the
pandemic and military strikes, the world is
seeking new sourcing destinations and India has
the opportunity to reaffirm itself as an
attractive and alternative source of high quality
manufactured goods. Sourcing from India is a
growing trend in recent years and the benefits
are undeniable. The worlds largest democracy and
one of the fast-growing economies, India has a
lot to offer and is positioning itself as an
attractive sourcing destination for a wide range
of products and commodities. India has already
achieved its stated target ahead of schedule,
i.e. 400 billion goods export, for the financial
year 2021-22 (till March 22, 2022). The
initiatives introduced by the Government like
Make-in-India are helping the country to increase
and diversify its manufacturing base and
therefore boost its trade. Popular exports from
India include petroleum products, leather goods,
gems and jewelry, vehicles, machinery, iron and
steel, chemicals, pharmaceuticals, cereals and
apparel. Communication is markedly easier with
Indian manufacturers as English is the Common
Business Language, thus helping in global
partnerships and collaborations. The country also
offers a highly skilled and creative workforce
that can design and create innovative and
original products.
Availability of raw materials, labour cost
advantage, quality equipment, rich cultural
heritage and continual GDP growth are primary
reasons for foreign and domestic firms choosing
to conduct procurement operations in India. Among
competing geographies, the labour cost in India
is comparatively cheaper and therefore many
companies from Europe and the USA are now
increasingly turning to India as their sourcing
destination to lower procurement costs which
ultimately mean higher profits. India is a large
producer of raw materials and rich in natural
resources like cotton, silk, jute, metal, wood,
marble, bamboo and others. The vast pool of
trained technical manpower are aware of the
advanced operational techniques and
implementation of the latest equipment in their
production operations. Leading
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global brands and retailers like IKEA, Gap,
Walmart, Ralph Lauren and many others have been
procuring products in India for a long time. With
a focus on the quality over quantity approach
Indian manufacturers are well capable of
producing eco- friendly products ensuring
sustainable manufacturing processes. There are
plenty of benefits of sourcing in India and only
a few are covered above. Industry Experts, a B2B
sourcing platform, helps in finding relevant
contract manufacturers in select industry
verticals according to the business needs as also
facilitate in setting up business operations in
India.