Reading Time: 3 minutes A global pandemic no one ever imagined about, a time only unprecedented. COVID-19 has taken over the world like a storm. Shutting down economies worldwide, and watching the world coming to a standstill is a ground reality of this virus. Things have got unexplainably tough for all of us. Conducting businesses from home and sustaining it for the long-run has been the concern for many. Sustainability of business amidst such a situation depends on how reliable the supply chain of the company is. Import and export are one vital factor to keep the supply running of essential goods and the only way to keep the world economy rolling.
India stands in front of a tremendous opportunity where India’s dominance to the trade market now can leave an incredible impact on the development of its GDP. India has forever been a nation were large of its earning flew in from the service sector. Import-export and all the other logistic services companies have been playing their crucial role in this game as well. With India now focusing on their continuity plan post, the COVID-19 pandemic. There has to be a few key factors India needs to look upon when it comes to exporting its good in such kind of situations.
Essential Factors to Export from India amidst the Coronavirus Situation
- The industry minister and the entire commerce sector decides to cut down its dependence on imports from China. To achieve the same, one needs to aggressively focus on substituting the services provided while improving the safety standards of the goods while exporting them. Compliance with standard operating procedures according to the policies implied by the Government of India while exporting cargo has been a necessity for any export company. Exporting items like plastic, toys, pharmaceutical supplies, electronics, and textiles amidst this situation could be the keyway for India to take on China by a clear margin and a step more.
- The next three months or even six could be a deciding factor on how India stands a chance in becoming a global leader when it comes to importing less and exporting the best. As far as the safety compliance of any logistics company is concerned, it should be undoubtedly of the highest standard possible. With US-China trade wars not coming to a foreseeable end, and with the COVID-19 pandemic escalating the same issues even further, India stands a chance to come in between and make a difference. Every essential item, like farm products, dairy, and pharmaceutical products, needs to receive exceptional attention whenever they are leaving for international shores.
- Shipping companies and their fleet of vessels is also an essential factor to consider when it comes to exporting from India during such times. Shipping and worldwide movement of cargo across the oceans has been one thing that never came to a standstill. Even with international borders closed and flights grounded, ships are reaching neighbouring nations carrying essential goods, and energy through the waterways. Significant importance to the welfare of Indian seafarers across shipping companies worldwide, and giving equal importance to the shipping companies from the country can be a turnaround for its economy. A rising number of shipping companies and fleet of vessels will always leave a positive impact during these unprecedented times.
Challenges Faced
- A large number of international airports have even closed their borders for cargo transit in line to stop the spread of the coronavirus.
- Shipping and water transportation of goods is the only option left to export cargo.
- A never-ending list of safety checks and restrictions within India itself inline to only export the safest.
- Meat and poultry cargoes require extreme care while transporting and often have expensive freight charter rates.
- Warehousing and cold storage facilities are almost full with orders piled up, handling goods safely and specifically is another tough thing to get over.
Most of the countries worldwide are proactively supporting their exporters and steering them through these difficult times. For instance, China raised the refund facility for exporters by 2%. Such an aggressive move can make Indian goods look less competitive in the international markets. Government assistance is unquestionably an essential factor during such times, and along with that esteemed export companies and every one of us at IMPEXPORTS believe that we will overcome all the challenges faced.