As part of the China backlash, the Japanese Government, like many others, is paying millions of dollars to Companies to move their factories outside China for the diversification of supply chains. Invest India, a non-profit venture under the Ministry of Commerce and Industry, points out that such diversification and shifting of Japanese firms away from China is estimated to create a $730 billion economic opportunity for developing geographies like ASEAN and India.
India is keen to seize the opportunity to become the factory of the world, for which easy availability of imported inputs is a sine qua non. Under its flagship 'Turant Customs' program, which can be roughly translated to 'Immediate Customs', aimed at providing a Faceless, Contactless and Paperless' Customs administration. India has recently introduced a number of initiatives that leverage technology for speedy clearances, and to reduce physical contact in the prevailing pandemic situation. However, despite the procedural simplification, significant obstacles to smooth importation remain.
To view the full article please click here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.