Pervasive technology, bilateral, multilateral and regional trade pacts and domain expertise have made global sourcing and manufacturing irreversible, India’s Commerce and Industry Minister Anand Sharma said here Monday.
“Though there is talk about manufacturing returning to Europe and the US due to job losses and economic downturn, trend of global sourcing of capital, raw materials and labour for products and services is irreversible, as they have become part of the global supply and value chains,” Sharma said at a trade meet.
Inaugurating the 20th edition of the Confederation of Indian Industry (CII) partnership summit, he said global manufacturing was not depended on labour and capital alone, as technology and innovation had overcome their barriers.
“As developing and emerging economies such as China, India and countries in Africa and Latin America advance on technology and innovation, their competitiveness will go up,” Sharma said kickstarting the three-day annual flagship event of India Inc.
Noting that 1.5 billon new consumers would enter global markets, mostly from Asia in the coming years, he said the opportunity would transform the region, riding on its demographic dividend, liberal economic policies and improved infrastructure.
“These favourable factors will make Asia the fulcrum of manufacturing activity in the world. For India, where manufacturing is driven largely by small and medium enterprises (SMEs), it is imperative to integrate them into global supply and value chains,” he told about 1,000 delegates from 40 countries participating in the summit. Read More