There is no doubt that 2020 has been a year of surprises and uncertainty. With the COVID-19 outbreak across the globe, several multinational companies are looking to diversify their supply chains away from China. India arises as a top alternative. What makes India a great destination for companies moving out of China?
#1: Manufacturing Capabilities
With several well-developed industries, including handicrafts, textiles, telecom, electronics, pharmaceuticals, and more, India’s manufacturing capabilities have long been proven and established. India also has a competitive edge in terms of land and labour availability, abundance of raw material, and a host of buying agencies.
#2: Trustworthy Suppliers
Several buying agencies in India work directly with factories and serve as your company’s office in India, and meet international standards. Small World India https://www.smallworldindia.com/ is a trusted buying agency focused exclusively on product development and sourcing in India, providing communication and coordination, quality assurance and inspections, and logistical assistance.
#3: Second Largest Workforce
As the second most populous nation in the world, India has the second largest workforce. Workers are increasingly finding employment in the tertiary sector, thereby contributing to the growing economy. India also has one of the largest English speaking populations, a large number of skilled and technical workers and a massive number of artisans.
#4: Incentives for MSMEs
In recent times, the Indian government has provided a plethora of incentives for building MSMEs, or Micro Small Medium Enterprises, assisting them with exporting finished products. They receive help in acquiring subsidised raw material and machinery, with technical and marketing assistance, and subsidies of export/import, taxes, and more. This has allowed this segment of enterprises to flourish.