Why India is Emerging as a Lead Contender…
Post Series: Reflections on India
Continuing my post series to give some more in-depth reflections on my experience in India- As many of you know, I have partnered with the raw material supplier K. Patel Phyto Extractions Pvt. Ltd. to bring to market more visibility and understanding for Indian Botanicals.
One topic that has emerged amongst many industries since the pandemic is the
over-reliance on China for our global supply chains.
India has emerged as top contender among nations to where alternative sourcing strategies are being focused. Among the reasons India is well-positioned:
· India’s Economy is growing at 7%, at a time when many countries are entering recession
· Rapid ascendance to the position of the third-largest economy.
· The largest coastlines amongst the contender nations with mega ports
· Strong road, and rail infrastructure
· Increasing bilateral strategic ties between India and US
· Lowest cost of manufacturing in the world, and many large companies already moving supply chains to India (Apple, Samsung, Boeing, Toshiba)
· Massively improved performance on World Bank’s Logistic Performance Index (LPI)
· Cost of 1 GB of mobile data (& internet) is cheapest among all major economies
· Leadership of G20; Contending political leadership in S.Asia.
· India is strategic geographical location, which makes it an attractive hub for businesses in looking to mitigate supply chain risks.
· Government Initiatives: ‘Make in India’ and ‘Atmanirbhar Bharat’ (Self-Reliant India) help to bolster efforts in global supply chain positioning.
· Largest English speaking population outside of US!
While in India I experienced several of these points first hand—the ease of being an English-speaker, burgeoning cities, the tremendous manufacturing capability, agricultural capacity, rail and road system…
The Picture is as I was entering a triple sleeper-car on an overnight journey to the Turmeric growing region..
But I am curious to hear what do you think? Any other strong points for or against?
To learn more about Indian botanical deep dives, visit www.phytoextractskp.com
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