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Sourcing from India to build on competitive advantages

Sourcing from India is a growing trend in recent years and the benefits are undeniable. The worldu2019s 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. 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.

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Sourcing from India to build on competitive advantages

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  1. SourcingfromIndiatobuildoncompetitiveadvantages Givenrecentglobaleventslikethepandemicandmilitarystrikes,theworldisseekingnewsourcingdestinationsandIndiahastheopportunitytoreaffirmitselfasanattractiveandalternativesourceofhighqualitymanufacturedgoods.Sourcingfrom Indiaisagrowingtrendinrecentyearsandthebenefitsareundeniable.Theworld’slargestdemocracyandoneofthefast-growingeconomies,Indiahasalottoofferandispositioningitselfasanattractivesourcingdestinationforawiderangeofproductsandcommodities. Indiahasalreadyachieveditsstatedtargetaheadofschedule,i.e.$400billiongoodsexport,forthefinancialyear2021-22(tillMarch22,2022).TheinitiativesintroducedbytheGovernmentlikeMake-in-Indiaarehelpingthecountrytoincreaseanddiversifyitsmanufacturingbaseandthereforeboostitstrade.PopularexportsfromIndiaincludepetroleumproducts,leathergoods,gemsandjewelry,vehicles,machinery,ironandsteel,chemicals,pharmaceuticals,cerealsandapparel. CommunicationismarkedlyeasierwithIndianmanufacturersasEnglishistheCommonBusinessLanguage,thushelpinginglobalpartnershipsandcollaborations. Thecountryalsooffersahighlyskilledandcreativeworkforcethatcandesignandcreateinnovativeandoriginalproducts. Availabilityofrawmaterials,labourcostadvantage,qualityequipment,richculturalheritageandcontinualGDPgrowthareprimaryreasonsforforeignanddomesticfirmschoosingtoconductprocurementoperationsinIndia.Amongcompetinggeographies,thelabourcostinIndiaiscomparativelycheaperandthereforemanycompaniesfromEuropeandtheUSAarenowincreasinglyturningtoIndiaastheirsourcingdestinationtolowerprocurementcostswhichultimatelymeanhigherprofits.Indiaisalargeproducerofrawmaterialsandrichinnaturalresourceslikecotton,silk,jute,metal,wood,marble,bambooandothers.Thevastpooloftrainedtechnicalmanpowerareawareoftheadvancedoperationaltechniquesandimplementationofthelatestequipmentintheirproductionoperations.Leading

  2. globalbrandsandretailerslikeIKEA,Gap,Walmart,RalphLaurenandmanyothershavebeenprocuringproductsinIndiaforalongtime.WithafocusonthequalityoverquantityapproachIndianmanufacturersarewellcapableofproducingeco-friendlyproductsensuringsustainablemanufacturingprocesses.globalbrandsandretailerslikeIKEA,Gap,Walmart,RalphLaurenandmanyothershavebeenprocuringproductsinIndiaforalongtime.WithafocusonthequalityoverquantityapproachIndianmanufacturersarewellcapableofproducingeco-friendlyproductsensuringsustainablemanufacturingprocesses. ThereareplentyofbenefitsofsourcinginIndiaandonlyafewarecoveredabove.IndustryExperts,aB2Bsourcingplatform,helpsinfindingrelevantcontractmanufacturersinselectindustryverticalsaccordingtothebusinessneedsasalsofacilitateinsettingupbusinessoperationsinIndia.

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