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India set to become Sourcing destination; MSMEs to produce for Global market; Current Affairs 2018 Video Lecture | Indian Economy for Government Exams (Hindi) - Bank Exams
FAQs on India set to become Sourcing destination; MSMEs to produce for Global market; Current Affairs 2018 Video Lecture - Indian Economy for Government Exams (Hindi) - Bank Exams
| 1. What is the significance of India becoming a sourcing destination? |  |
Ans. India becoming a sourcing destination means that it is now being recognized as a country where companies can go to find suppliers for their products. This is significant because it indicates that India has competitive advantages such as lower costs, skilled labor, and efficient production processes.
| 2. How will MSMEs contribute to producing for the global market? | |
Ans. MSMEs (Micro, Small, and Medium Enterprises) will contribute to producing for the global market by leveraging their expertise, resources, and capabilities to manufacture products that meet international standards. With the integration of technology and access to global supply chains, MSMEs can produce goods that are competitive in terms of quality, cost, and delivery to cater to the global market.
| 3. What are the benefits of India becoming a sourcing destination for global companies? | |
Ans. India becoming a sourcing destination for global companies brings several benefits. Firstly, it opens up opportunities for Indian businesses to expand their customer base and increase revenues. Secondly, it boosts employment by creating new jobs in the manufacturing sector. Thirdly, it promotes technology transfer and knowledge sharing, which helps in upgrading the capabilities of Indian manufacturers. Lastly, it enhances the overall competitiveness of the Indian economy.
| 4. How can Indian MSMEs prepare themselves to produce for the global market? | |
Ans. Indian MSMEs can prepare themselves to produce for the global market by focusing on the following strategies:
1. Enhancing product quality and adhering to international standards.
2. Investing in research and development to innovate and create unique products.
3. Adopting modern manufacturing technologies and processes to improve efficiency and productivity.
4. Collaborating with global partners to gain access to international markets and distribution networks.
5. Developing a strong supply chain and logistics infrastructure to ensure timely delivery of products.
| 5. What sectors in India are likely to benefit the most from becoming a sourcing destination? | |
Ans. Several sectors in India are likely to benefit the most from becoming a sourcing destination. These include textiles and apparel, automotive, electronics, pharmaceuticals, and engineering goods. These sectors have a strong manufacturing base in India and possess the potential to meet the global demand for their products. Additionally, these sectors often have a large number of MSMEs, which can contribute significantly to the production for the global market.
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Oct 31, 2024 Last updated |
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