“Overall, total manufacturing exports registered a 9.06 per cent growth in FY19 to hit a new high of US$330 billion.”
Why Source from India?
Sourcing from India
Despite being known for its traditional merchandise exports such as textile, and gems & jewellery, India has witnessed the exports growth in other products like engineering machinery, precision components, speciality chemicals, pharmaceutical products, auto-components, transport equipment, are also exported from India..
India: Emergence as a Global Sourcing Star
India’s manufacturing sector has shown robust growth in the recent past few years and it is perceived to be much more promising in the near future. It is set to contribute 25% to India’s GDP by 2025 to become a USD 1 trillion manufacturing economy as projected by the National Manufacturing Competitiveness Council (NMCC).
“The process of emergence as a global sourcing hub has already begun in India with India’s merchandise exports surging to record high of USD 330 billion during FY 2018-2019, witnessing robust growth of about 9.06 per cent (source: Engineering Exports Promotion Council of India).”
Initiatives such as Make in India and Start-up India and associated reforms In Foreign Direct Investment, Ease of doing Business, have placed India on the path of creating sustainable development of the manufacturing sector strengthening its exports. The India advantage is supporting development in various sectors and international players such as Hyundai, Foxconn, Samsung and Airbus, etc. are focussing to expand their manufacturing facilities in the country. India will map new heights of progress in every aspect of manufacturing thus enabling India to evolve on the global map as an important sourcing hub.
What makes India special?
India is continuously acknowledged for its high-value goods demanding a specific engineering precision and quality. It is becoming the most preferred outsourcing destination by global manufacturing businesses due to India’s developed skill base, lower labour cost, better designing and engineering capabilities, supplier reliability, and a better understanding of international business requirements in terms of quality, packaging, social & safety issues. To top it all, India’s diverse culture, geographic convenience, services of major international banks and logistic providers is a huge draw for procurement managers across the world, making international trade more efficient for organizations looking for imports from India.
Competitiveness & Technology development initiatives
In today’s globalized world sectors growth is driven by its competitiveness. With its second rank in the world (as per the Global Manufacturing Competitiveness Index -GMCI), India has set a benchmark in the international manufacturing sector. India is currently second only to Japan in hosting companies awarded for quality excellence. With many international manufacturing majors setting their production plants in India, the manufacturing industry is committed and focused on technology integration, innovation and backward integration to increase competitiveness and catalyse India’s movement up the product value chain. The Indian government recognises the role of technology development and innovation in expanding the manufacturing base and providing a number of incentives to facilitate technology development.
How you can source from India? /Why choose NM India Sourcing?
If your organization sources globally direct and indirect goods & services in large quantities, India sourcing could be a good alternative for you. Whether you are a new buyer or existing buyer, we help you identify the best vendors, negotiate rates to fit your budget, conduct in-process quality checks, through the entire order life cycle. These sourcing services can benefit from a significant reduction in cost, time and business risk. Our expertise in sourcing will help you obtain the widest range of products and services from the best supplier in the shortest time.
At NM India Sourcing, we have a strong and integrated team of experienced procurement and supply chain management professionals who will help improve every aspect of your sourcing activity and transform the way you import from India. We offer customized as well as end to end ‘‘sourcing India services’’ to deliver measurable value with the best, cost-effective solutions for your business. Our team has helped the business from small to large companies can leverage the benefits of India Sourcing. Take advantage of the skilled talent pool of NM India Sourcing experts and enjoy a hassle-free procurement experience today and tomorrow.
