The current global scenario offers an interesting opportunity for India to compete in international trade by scaling up its sectors effectively.
The recent coronavirus outbreak has affected the international supply chain, as the novel disease moves beyond its point of origin in China’s Hubei province to the rest of the world. The World Health Organization (WHO) has declared this pandemic as a public health emergency of international concern (PHEIC), prompting countries to mull certain trade restrictions to contain the spread. However, they need to ensure that such PHEIC measures do not, through such trade restrictions, economically stigmatize a nation; else, they would come under the lens of the World Trade Organization (WTO).
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With the virtual shut down of one of the world’s biggest economies and the resulting labor deficits due to the quarantine measures, there has been a negative impact on the production and shipping worldwide. Thus, companies are increasingly seeking to identify alternatives and opening up competitive production markets in countries like Indonesia, Malaysia, Mexico, and India.
Source: Financial Express
