DEP’s ASEAN Region Business Development Director, Niju Nair, shares his thoughts on the opportunities and challenges in Indian Manufacturing market with Equipment Times Magazine team
DEP’s ASEAN Region Business Development Director, Niju Nair, shares his thoughts on the opportunities and challenges in Indian Manufacturing market with Equipment Times Magazine team
The ongoing Covid-19 pandemic and lockdown have put the limelight back on India’s excessive dependence on China, affecting the supply chain to a large extent. This drawback has come as a major blow to several industries, including Construction Equipment. To reduce this supply chain reliance and survive, it is imperative to become self-sufficient. Mission ‘Atmanirbhar’ launched by the Prime Minister, Narendra Modi, during the course of the pandemic, which was reiterated further by the Finance Minister, Nirmala Sitharaman, through various schemes lays ample focus on the theme.
India is a large market with significant demand for products. Over the past few years, we have seen interest from across the globe in purchasing goods. These include products like Construction Equipment, Automobiles, electronic goods, pharmaceutical products, consumer products and home furnishing. There is a significant opportunity for India to become a part of the global supply chain. This would require more and more business-friendly policies and reforms, world-class infrastructure and availability of resources.
The manufacturing supply chain operates on a foundation built by land, natural resources, and fixed assets all of which have a high gestation period, entail high fixed costs and involve making decisions for the long run. This pandemic calls for a reset to the future of manufacturing and the B2B supply chain.
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Cover Story (Print)