As the year 2023 draws to a close, the International Monetary Fund’s (IMF) global growth forecast places the year’s growth at 3%, with 2024 projected to grow at 2.9%. This year’s projections beat the gloomy forecasts, powering through geopolitical tensions and economic uncertainties. The global inflation is estimated to decline steadily, from 8.7% in 2022 to 6.9% in 2023 and 5.8% in 2024.
India’s economy continues to remain strong as indicated by IMF’s upward revision of 0.2 percentage points to 6.3% for FY 2024. India attracted global attention for its economic progress during its year of G20 presidency. The G20 Summit in New Delhi spurred several cross-border initiatives, the biggest one being the India-Middle East Europe Economic Corridor (IMEEC), which has the potential to transform global maritime trade.
Global economic factors, combined with the current geopolitical tensions in Europe and the Middle East and the ongoing climate change effects are causing global supply chain disruptions. Businesses are increasingly looking to improve their supply chain sustainability to accomplish operational and environmental objectives. Besides the short-term benefits of efficiency and regulatory compliance, sustainable supply chains are increasingly being seen as a key driver towards the long-term net zero goals and building sensitive brands that are responsible, and closer to the changing consumer preferences.
Around the world, investments towards making supply chains more resilient continue to be a priority to counter unpredictable disruptions. The main challenge for businesses is creating a sustainable supply chain framework with a structured approach involving the identification of indicators, prioritisation of suppliers and forming a progressive engagement strategy. Businesses of tomorrow are expected to satisfy various sustainability factors while being patient for their strategies to pay off in the long run.
This edition of The Indian Tiffin spotlights the need for building resilient and sustainable supply chains for business featuring insights from experts on embedding sustainability in supply chains and ensuring regulatory compliance.