A STUDY ON GLOBAL SOURCING OF MATERIALS WITH SPECIAL REFERENCE TO MANUFACTURING COMPANIES IN INDIA

Abstract

Global Sourcing is a strategic tool in the hands of the Companies in order to plan their operations. In an increasingly interconnected global economy, manufacturing companies are no longer restricted to sourcing materials domestically. Instead, they are leveraging global markets to procure raw materials, components, and services from the most cost-effective and high-quality sources. This shift towards global sourcing is driven by the need to gain a competitive edge through cost efficiency, access to advanced technology, improved supply chain flexibility, and enhanced product quality. Manufacturing companies in India have increasingly turned to global sourcing to meet their raw material and component requirements. This trend is largely influenced by the growing demand for high-quality products, the pressure to reduce production costs, and the need to maintain a consistent supply of critical materials. By sourcing materials from different parts of the world, Indian manufacturers are able to mitigate supply chain risks, explore new markets, and enhance their production capabilities.