Why is sourcing product from India beneficial?

Why is sourcing product from India beneficial?

India has risen to prominence as a top product sourcing destination, with companies from all over the world opting to import from the country. Because of its remarkable transformation and growth, as well as the advantages of skilled labour, improved infrastructure, cultural compatibility, and a favourable regulatory climate, the country has aided in making sourcing easier and less expensive for businesses all over the world. Businesses have rethought their sourcing strategy as China’s competitive advantage has eroded and concerns about the country’s future have arisen. In reality, for the first time in 15 years, China’s export growth to the rest of the world has slowed.

The revaluation of the Chinese currency in relation to the US currency over the last 4-5 years, as well as the imposition of anti-dumping taxes on a variety of goods for which Europe and the US are attempting to defend themselves against Chinese imports, have not helped much. India appears to be an obvious option for companies looking to diversify their low-cost country sources of supply. India has the upper hand. India offers a profile of a rising giant to the rest of the world. The sheer scale (with low labour costs), economic weight, and stable political system of the world’s seventh largest country by region and second most populated country explains the degree of interest from potential investors and corporate buyers.

Aside from IT facilities, India’s large manufacturing base includes chemical and pharmaceutical products, as well as textile, leather, and clothes, as well as machine tools and electrical equipment. The country is transforming into a top destination for low-cost, high-value goods and services, with the world’s second largest railway network and a vast coastline with developed sea ports. All you need is experience and expertise to ensure that your company can strategically develop and extend its India sourcing operations.

Thus, if you are looking to source any product from India, Footprints can help you find the best vendors, negotiate pricing, sign contract, product packaging, logistics and after sales services as well.