Cost as well as trust should be base of global supply chains: India

17 Nov '21

2 min read

Pic: Wayback12 | Dreamstime.com

The COVID-19 pandemic highlighted that supply chains should not only be based on cost but also on trust, according to Indian minister for commerce and industry Piyush Goyal, who recently said ensuring transparent, trustworthy and resilient supply chains is at the core of trade revival and India emerged as a source of resilience and a trusted partner.

Goyal, who is also in charge of consumer affairs, food and public distribution, and textiles portfolios, was delivering the keynote address at the Bank of America's flagship virtual conference on the topic ‘Shifting supply chains globally: Could Make in India see success?’.

The minister said supply and demand disruption induced by the pandemic has forced manufacturers everywhere to reassess supply chains.

India demonstrated its capacity and capability to the entire world by not only meeting all international service commitments, but also by becoming self-sufficient in production of critical medical supplies, he was quoted as saying in a government release.

Goyal said India is back in action and the decade is shaping up to be a growth decade, with the country’s exports surging and foreign direct investment inflows and investments witnessing a high growth trajectory.

Global sentiments are changing from ‘Why India’ to ‘Why not India’ to now ‘Make in India for the world’ and serving the world from India, he added.

Fibre2Fashion News Desk (DS)

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