India now part of global value and supply chains, says CII chief | Indiablooms First Portal on Digital News Management
In recent years, India has focused on integrating into global value chains and supply chains, making it a manufacturing hub. Industry officials have praised the government's efforts in this regard, including the Atmanirbhar initiative led by Prime Minister Narendra Modi. The country's potential as a manufacturing destination is attracting investments, with Tata Group planning a second assembly plant in Karnataka. India's growing economy and favorable demographics are making it an attractive location for international companies to establish manufacturing facilities.
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FAQs: India's Integration into Global Value and Supply Chains
Frequently Asked Questions
India's Integration into Global Value and Supply Chains
1. What is the Initiative on Critical and Emerging Technology (iCET), and how does it involve India?
Answer: The U.S.-India Initiative on Critical and Emerging Technology (iCET) was announced by President Biden and Prime Minister Modi in May 2022. It is designed to elevate the U.S.-India strategic partnership, focusing on cooperation in the critical and emerging technology sectors. Source
2. How is sustainability important in developing global value chains?
Answer: Sustainability is crucial for developing supply chains as it ensures that economic growth is both environmentally responsible and socially equitable. This approach helps companies to meet international standards and increases competitiveness in global markets. Integration of sustainability into supply chains ensures long-term viability and is part of amfori's key recommendations for global value chains. Source
3. What challenges have global supply chains faced recently?
Answer: Global supply chains have been impacted by the COVID-19 pandemic and have experienced a logistics crunch. This resulted in broken supply lines and imbalances in demand and supply, leading to global manufacturing bottlenecks that disrupted the flow of goods around the world. Source
4. How does the B20 India 2023 summit relate to global markets and value chains?
Answer: The B20 India 2023 summit emphasized the importance of tapping into global markets, financial resources, and value chains to foster development. This includes discussions on integration issues and creation of recommendations that are relevant for the G20 countries and stakeholders globally. Source
5. What efforts have been made to integrate sustainability into Indian supply chains?
Answer: Efforts towards integrating sustainability into Indian supply chains have been ongoing, with collaborations like the one between the CII-ITC Centre of Excellence for Sustainable Development and Sedex. They jointly released a report on sustainable practices in the supply chain, advocating for the inclusion of environmental and social governance in Indian industries. Source
6. What is the U.S.-India Strategic Clean Energy Partnership (SCEP)?
Answer: The U.S.-India Strategic Clean Energy Partnership (SCEP) is a collaboration between the U.S. and India to advance clean energy development. It was announced on the margins of the April 2021 Leaders' Summit on Climate by President Biden and Prime Minister Modi. The partnership aims to reinforce joint leadership in climate and clean energy and support efforts toward a cleaner and greener environment. Source
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