According to a study conducted by The Associated Chambers of Commerce and Industry of India (ASSOCHAM), the logistics and supply chain market in India is expected to grow and reach US$307 billion by the end of the year 2020, recording a CAGR of 16 percent on average. The growth is being driven by the rise of international business in India, which in itself is the result of improved bilateral trade. Factors that have contributed towards India leveraging its growth potential to achieve fruitful bilateral trade and increasing its global footprint are greater export opportunities, revamped logistics infrastructure, strategic marketing and more.
GREATER EXPORT OPPORTUNITIES
As numerous industries enter and set their manufacturing plants in India, it is a noteworthy fact that Indians no longer have to go out of their way to get high-end goods and increase any existing trade deficit. Chairman of the Foxconn Technology Group, Terry Gou, said “The iPhone will go into mass production in India this year. This should help increase the viability of India as an attractive sector for manufacturing. Total exports from India (Merchandise and Services) registered a growth of 3.20 percent year-on-year during April-August 2019 marking a figure of US $227.36 billion.”
REVAMPED INFRASTRUCTURE
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