Global sourcing is the practice of sourcing from the global market for goods and services across geopolitical boundaries. Global sourcing often aims to exploit global efficiencies in the delivery of a product or service. These efficiencies include low cost skilled labor, low cost raw material and other economic factors like tax breaks and low trade tariffs.
Majority of companies today strive to harness the potential of global sourcing in reducing cost. Hence it is commonly found that global sourcing initiatives and programs form an integral part of the strategic sourcing plan and procurement strategy of many multinational companies.
New Government policy of FDI will enable companies like Walmart & others to make setup and source good products from india and so indian companies have good demand.
Walmart, the world's largest retail player, said it will increase sourcing from India for its global operations and expects the country to become one of its major suppliers within 4-5 years. "We see India as a mega place for our worldwide sourcing. Indian products can be exported to other Asian countries, Europe and even the US," Walmart Asia President and CEO Scott Price told to the reporters in a press conference.
The company is actively sourcing products like various kinds of fabrics, garments, accessories like purses, shoes, belts & similar items. The company also sources various construction materials like various kind of tiles & building materials for reputed builders in the country.
Our Initial startup planning is of 25 Cr. per annum & planning to go upto very large scale depending on market conditions & feasibility. There will be good demand in export.
With well established sourcing service mechanisms, standards, quality systems, well trained engineers and sound business ethics, our services aims to make your sourcing from India, hassle-free, cost effective and efficient.
Import / Export
The importance of foreign trade is more than ever before in today’s globalised world. With the opening of Indian economy in the past two decades, STCL's imports and exports have gathered momentum and the government is providing adequate policy framework, assistance and incentives to engaged in foreign trade.
The government also plays a crucial role in providing infrastructure to nurture trade, and in engaging with foreign governments and international trade organisations to ensure a level playing field for Indian traders
Import of goods helps to boost the economy by providing capital good for infrastructure or industrial development, meeting shortages and improving quality of production. It also helps improving living standards by making available good and products not produced in the country. With the rise in disposable incomes in India, the marked for imported goods is growing. Starting a business of importing goods can be a profitable venture, but requires that the rules and regulations governing such trade and the markets in respect of both the countries, and the trade agreements with the country of interest, are studied and understood well.
Export may be simply defined as selling of goods to a foreign country.
Exporting a product is a profitable method that helps to expand the business and reduces the dependence in the local market. A primary reason for export is to earn foreign exchange, which not only brings profit for the exporter but also benefits the economy of the country. International trade also keeps an exporter more competitive and less vulnerable to the market.
Government of India supports exporters through incentives and schemes to promote Indian export as well as by entering into beneficial trade agreements with governments of foreign countries and international trade organisations.