On Tuesday the Union Minister Hardeep Singh Puri said that for the post-COVID order diversification in supply chains for nations around the world is going to be the key in planning. Puri said this during his speech on August 4th through video conferencing at the 1st Indo Asian Oceanic Business Summit and Expo. He also added that for planning the post-COVID, we need to diversify, and also create new supply chains, we should avoid the excessive dependence on any source or commodity.
The COVID-19 has revealed the fragility of the modern supply chain during this pandemic. And now the recent data clearly shows the devastating economic impact as week-on- week in the US, Europe, and China halved because due to the crisis. It was only the way to create a stronger and smarter supply chain that ensures a lasting recovery is diverse sourcing and digitalization.
At an unpredictable speed and scale the pandemic COVID-19 had hit the global trade investment in a negative way. It made initially a supply shock to Multinational companies and also made a demand shock for many countries. It made more struggles for the government, business, and the individual consumers to procure their basic products and materials and made them to forced to confront the fragility of the modern supply chain. One of the important and main lessons of this crisis was the urgent need to design a stronger, smarter, and more diverse supply chain.
The recent data from the Trade shift, reveals the magnitude of the impact on trade and demand, which is the global platform for supply-chain management. The Union Minister Hardeep Singh Puri focused on making a better plan to overcome this situation and tries to diversify the supply chain for the nations around the world through this video conferencing at the 1st Indo Asean Oceanic Business Summit and Expo.
After the series of tweets, Puri also stated that India and the Association of Southeast Asian Nations (ASEAN) are mostly concentrated on service sector-oriented economies and also give more importance to the greater cooperation between the countries. He also said that now it is the time to rethink about our supply- production strategies during this pandemic and also this is the correct time for the world community to regroup, diversify and integrate and also the time for to bring back the greater cooperation among the countries in the aspects regarding innovations in medicines, innovations in health technologies and scientific research and development etc.
