Prime Minister Narendra Modi underlined three critical aspects ‘3Ts — Trusted Source, Transparency and Time frame for improving global supply chains at the Summit on Global Supply Chain Resilience’ on the sidelines of the G20 Summit at Rome.
The Summit on ‘Global Supply Chain Resilience’ was convened by US President Joe Biden to discuss the ways in which governments can alleviate pressure points in the global supply chain ecosystem.
Recalling the initial months of the Covid-19 pandemic when all countries faced paucity of medicines, health equipment and raw materials for preparing vaccines, Modi said, “Now when the world is on path to economic recovery, supply issues related to semi-conductors and other such things are hampering a healthy growth. Imagine, who thought the world may face shortage of shipping containers?”
The Prime Minister reiterated his promise of coming up with five billion Covid vaccine doses and said, “It is imperative that there are no problems in the supply chain. India improved the export of vaccines to increase the global supply. We are working on providing affordable Covid-19 vaccines to not just our QUAD partners but the Indo-Pacific region too.”
Not having a trusted source or a source with reactive tendency is very important, Modi added and suggested, “If there is no transparency, we have seen how during the Covid pandemic, pharma and medical supply fields suffered. Therefore, in order to ensure that a time frame is fixed, we need supply chain diversification. The developing countries need to improve their alternative manufacturing capacities.”
President Biden hosted the summit with the European Union and 14 like-minded countries to foster greater international cooperation on near-term supply chain disruptions and chart a course to strengthen and diversify the entire supply chain ecosystem over the long-term — from raw materials, intermediate and finished goods, manufacturing to shipping, logistics, warehousing and distribution.