May 22nd 2024.
Over the past decade, India has made significant progress in the global supply chain. Just ten years ago, it had zero presence in this ecosystem, but today, it is a key player across various industries. This has opened up a world of opportunities for investments and job creation, as highlighted by Union Minister Rajeev Chandrasekhar.
In a recent commentary piece published by Forbes, it was noted that India has become a promising region for supply chain leaders. With lower tariffs, reduced costs, and special incentives offered by Prime Minister Narendra Modi's leadership, India has become an attractive option for businesses. Minister Chandrasekhar took to X social media platform to express his pride in India's transformation under PM Modi's guidance.
Today, India is a strong contender for diversifying the global supply chain. Dave Evans, CEO and Co-Founder of Fictiv, a custom manufacturing operating system, wrote in the Forbes article that for supply chain leaders, success means being able to operate with agility in a constantly evolving global economy. And India is the perfect place to start.
The International Monetary Fund has estimated that by 2027, India will be the third-largest economy in the world with a GDP of $5 trillion. This is a testament to India's growing economy and its potential as a global business hub. Its strategic location, well-educated workforce, and established sea routes make it an ideal place for businesses to thrive, as mentioned in the Forbes commentary.
Some of the world's biggest companies, such as Apple, FedEx, and Foxconn, along with established players in industries like electronics, aerospace, and medical devices, are scaling up their operations in India. The country's manufacturing ecosystem is not only diverse but also dynamic, as stated in the Forbes article.
Back in 2014, PM Modi launched the 'Make in India' program to promote India as a global manufacturing hub. This initiative has led to the creation of jobs and increased foreign investments in 25 identified sectors, including railways, defense, insurance, and medical devices, according to the Forbes article.
In conclusion, India has come a long way in just a few years, thanks to the efforts of PM Modi and his government. Its growing presence in the global supply chain has brought in investments and job opportunities, making it a key player in the world economy.
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