Due to widespread COVID-19, many business operations have stopped. The world is blaming China for the widespread of the novel virus.
Several countries like, the Japanese government is paying Japanese companies to shuttle their manufacturing plant in China and start their operations in their native country. Also, American companies like Apple are also planning to shed their operation and offices in China and move to other countries.
India Can Attract Industries And Balance Its Economy!
The current situation can lead to a great opportunity for India to attract these firms and bring investment and jobs, as well as the transfer of technologies in our nation.
The message of Self-dependent (Aatmanirbhar) was given by Indian Prime Minister Narendra Modi. According to PM Narendra Modi, we all have to become self-dependent to sustain in this novel coronavirus situation we will have to attract business companies to invest in our country and to create job opportunities as well.
However, we all know about the decline of the Indian economy due to pandemic coronavirus lockdown. Reliance Jio has signed $5.7 billion with Facebook. Every country is keeping an eye on the Indian market to carry out its operations.
Also, other countries are boycotting Chinese services and companies. Zoom, Chinese airlines, and more companies have been boycotted by America and other countries.
India will have to start production and manufacturing units to balance the falling economy and to generate employment in the country.
We Can Win Back Our Economy Through Make in India!
Back in 2014, a type of Swadeshi movement, Make in India was launched by the Indian government. The campaign covers 25 sectors of the Indian economy to encourage companies to manufacture their own products in India and encourage dedicated investments into manufacturing units.
Make in India initiative have three major objectives as follows:
- To increase the manufacturing sector’s growth rate to 12 to 14 percent in order to increase the sector’s share in the economy.
- To create 100 million additional manufacturing jobs in the economy by the year 2022.
- Also to ensure the manufacturing sectors’ contribution to GDP is increased by 25% by 2022.
Warehouse on Rent:
Not only manufacturing units, but foreign companies can also set up their warehouse rental as well. They can have a warehouse for rent or can buy area build warehouses and give warehouse space for rent. Warehousing facilitates operations like manufacturing, import, and export of goods and services.
Having a warehouse for rent can save your money and can boost your operations. There are many important and benefits to the warehouse. However, it depends on you whether you take a warehouse for rent, or want to give warehouse space for rent or start with your warehouse rental business.
Importance of warehouse:
- Better inventory management
You can keep track of your inventory and can also keep records on late shipments delayed order processing and poor customer experience if any.
The warehouse will help you to provide a centralized location for your good and can make it easier to keep your record and manage your inventory. If any of your good is out of stock you will know it and can provide customers with alternative options rather than leaving them on pending for weeks.
- More efficient processing and packaging
The warehouse provides the equipment and supplies you need to move the package process and store orders from customers.
Warehouse facilitates businesses to pack and grade their goods with respect to legal requirements and customer needs that eventually leads to a reduction in logistical cost and flexibility are maximized.
- Superior Customer services
The warehouse allows you for timely delivery and optimized distribution that leads to an increase in labor productivity and great customer satisfaction.
Also, it helps in reduction of damages and errors in the order fulfillment process that eventually leads to prevent your goods from stolen or getting lost during handling.
- Ensuring price stabilization
Warehouse facilitates in knowing you to store your products for a later date when the demand is high that further helps in ensuring price stabilization and leads to reducing revenue losses.
- Improved risk management
Warehousing protects against price fluctuations and also provides safe storage for perishable products.
It also helps in extending the product shelf life and ensures customer satisfaction. Also, it helps in the higher chances to receive compensation from the insurance company in case of fire, damage, or theft.