”GS Paper – 2 & GS Paper – 3 : Growth & Development”
Why in News?
On the sidelines of the G20 summit in Rome, several world leaders including Prime Minister Narendra Modi participated in a summit on strengthening global supply chains.
Why was this summit held?
Which Issues Discussed?
Challenges before Global Supply Chain Management:
Ways to Improve Global Supply Chain:
Digitization – Trade needs to move away from paper documentation into digital record keeping.
Improve Data Security – International trade is extremely competitive, and businesses are always looking for an edge. As a result, maintaining operational security is of the utmost importance against competing companies.
Incentivize Data Sharing – It is often said that money talks, and that can be the main driver for sharing data. For example, more competitive rates can be offered to incentivize companies to share their supply chain data.
Begin Preparing Now – supply chains can take a long time to initiate changes, the improvements mentioned above need to be implemented in the very near future.
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