What are the key factors that should be considered to reduce India's dependency on a single supply chain according to Jaishankar
Indian businesses should not be excessively dependent on one supply chain as highlighted by Jaishankar in a recent statement.
- Diversification of suppliers: Indian businesses should explore sourcing from multiple suppliers across different regions to reduce reliance on a single supply chain.
- Local manufacturing capacity: Increasing domestic manufacturing capabilities can help reduce dependency on imports and diversified supply chains.
- Creating strategic partnerships: Forming partnerships with suppliers in different countries can provide alternative sourcing options.
- Enhanced risk management: Developing robust risk management strategies can help mitigate disruptions in the supply chain and ensure business continuity.
- Investing in technology: Adopting advanced technologies like AI and blockchain can improve supply chain visibility and agility, reducing vulnerability to external shocks.
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6 months ago