Challenges & Opportunities of Made in India
India is developing fast to become a major manufacturing hub. Indian Auto Exports reached $ 23.61 billion, which is the highest in 7 years. India is also the sixth biggest car manufacturer in the world. India is nowadays a modern industrialized country with huge potential. It is projected to be the 3rd largest Economy by 2050. The aerospace, Auto, IT and Pharmaceutical industries and others offer great competitive opportunities for the world.
A chance for European SME’s to consider Indian as a new sourcing hub.
India is still complex to understand for many decision-makers. But sourcing from India can be easy with the right partner.
With India as a sourcing hotspot, it is no surprise that the country is now one of the top business destinations for European SME’s. There are many benefits to tapping this market, but it can be intimidating to navigate such a vast country and the many cultures of India. That is where we come in—finding the right partner for your business is our speciality by offering full support.
To ensure the desired specifications and quality, the supplier must have the necessary expertise in that industry sector with adequate Quality Systems in Place. Suppliers should have up-to-date and capable Logistics experience (Packaging, Container loading), as well as process technologies in place so they cab produce the material needed.
Each supplier is different. During the selection stage, a structured way of evaluating the supplier is formed. This should include both qualitative as well as quantitative factors. The Buyer should first select a supplier (with the help of the Local Advisor) who can supply the required product (in quantities and qualities). Once selected, the Seller can then negotiate with the Buyer on price and terms or it will be done by M+V Altios.
This involves the buyer receiving goods from the supplier and ensuring they are as mentioned. Factors such as the quantity of the ordered goods and their quality are checked at this step. A well-established Purchase Order process enables seamless movement of raw materials and goods, helps maintain good relationships with suppliers and – most importantly – result in big savings for organizations.
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