India manufacturing as the alternative
Josh Punin and his partner David Selvaraj at Source4India, are currently working with more than 20 factories that are in the process of various stages of manufacturing toys and other product categories. Mr. Selvaraj is a 33 year old veteran of the Indian toy industry.
Toronto-based Jacqueline Vong has been a specialist in consumer products and sourcing for over two decades, spanning both North America and the Asian market. She now runs her own company, Playology International, a consultancy with youth-based expertise spanning licensing, marketing, content development, and franchise strategy.
For more info @playologyintl on socials or www.playologyintl.com
David Selvaraj, partner at Source4India, would like to share his thoughts on Richard Gottlieb’s comments on Indian in Mr. Gottlieb’s article “Disruption Report #15.” Mr. Gottlieb wrote: “Any hopes for India as an alternative source of goods were dashed, at least for now, by that country’s continuing decimation by coronavirus.” Selvarah states that despite what the situation is, Indian toy companies are functioning as usual.
The leading manufacturers in India have taken the initiative to arrange to vaccinate all their employees and workers while expanding and increasing their capacity and load. The momentum is still strong for India as a leading alternative source for manufacturing.
Many companies and industries are looking to diversify their supply beyond China. Even Chinese manufacturers have started to reach out and create joint ventures with Indian companies to supply their global clientele.
The Indian government is supporting more incentives domestically to accelerate and improve its current manufacturing landscape and turn the country into a global manufacturing hub where people can rely on the ‘Made in India’ reputation.
There are growing advantages for India as a world-class global sourcing and manufacturing hub. India’s workforce is young, with more than 65% of its population below the age of 35. Wages are low, and English is a dominant language.
Josh Punin, from Source4India, has said that there have been a growing number of inquiries about India as an alternative source of manufacturing. The number of queries has been accelerating for the last six months and took off in the previous two. Mr. Punin has said that the current landscape in India is such that containers are being quoted at one-half the cost of containers in China. He went on to say that, and there is currently more container availability in India than in China.
India can offer the best alternative to China. Indian factories are hungry for diversification and development, willing to invest in new technology, and offer the best environment for growing the global toy industry. With the Indian government’s support behind them, Indian companies are poised to serve as a great option.