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Omicron Business Spread May Disrupt Global Supply Chain: Exporter Corps

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Omicron Business Spread May Disrupt Global Supply Chain: Exporter Corps

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The Engineering Export Promotion Council of India has expressed concern that the spread of the Omicron variant of the coronavirus could once again disrupt the global supply chain, which could lead to a slowdown in business activities. Exports of engineering goods recorded 38% year-on-year growth in December 2021 to reach $38.4 billion. “The sustained growth momentum demonstrates that the sector is on track to increase its market share in global trade,” EEPC India President Mahesh Desai said in a statement on Friday.

“Although the order pipeline has been remarkably good, we could see some slowdown if Omicron disrupts the global supply chain. Over the past few weeks, we have seen signs of volatility and uncertainty due to the wave ongoing pandemic across the world, but by putting policy measures in place, the government could provide a cushion for trade and business,” Desai said. He called for urgent government action to reduce the outbreak. raw material prices and logistics costs.

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“We hope that in the next budget, the government will take appropriate measures to reduce the cost of primary steel, copper, aluminum and other raw materials. This will be a major relief for the sector which is dominated by micro, small and medium enterprises,” he said. Some political momentum now would allow the industry to meet challenges in the future and set higher export targets for next fiscal year, he added.

Omicron Business Spread May Disrupt Global Supply Chain: Exporter Corps

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