The recent years have been tough for businesses across the world. India’s supply chains have also faced the brunt of disruptions due to COVID-19 and the recent geopolitical Russia-Ukraine crisis. Various aspects of a supply chain, such as sourcing, logistics, production, and distribution have been adversely impacted.
The pandemic has forced businesses to look for new strategies to adapt to the new reality and has brought about a wave of new tactics to combat the testing market scenario.
During a recent Commerce Ministry webinar, Indian Prime Minister Narendra Modi expressed concern regarding the impact of the disruptions to supply chains on the global economy.
According to a survey by Oracle, several Indians have been unable to purchase a number of items due to shortages (45 percent), forced to cancel orders due to delays (53 percent), and even rationing essential items out of fear of running out (41 percent).
There is good news on the horizon, though. The latest GDP numbers for Q1 FY2022–23 suggest that economic growth is healthy. Consumers, after a long period of apprehension, have started to spend confidently, with spending going up 25.9% in Q1. Read more....
