India Sourcing Conclave 2023 Opens, Showcasing India’s Potential as a Global Sourcing Destination

Greater Noida (14/07/2023): The India Sourcing Conclave 2023, organized by Buying Agents Association, opened on Friday with an aim to foster collaboration and strengthen business relationships between buyers and suppliers, while also shedding light on the various facets of sourcing and manufacturing in India.

During the course of two days, it aims to offer an enriching experience for industry professionals, providing them with valuable insights, networking opportunities, and access to a diverse range of products.

Distinguished personalities from the government and industry graced the conclave on Friday at India Expo Mart in Greater Noida. Among the notable attendees were Amit Mohan Prasad, Additional Chief Secretary of MSME, Uttar Pradesh Government, Dr. A Sakthivel, President, Federation of Indian Export Organizations and, Saurabh Sanyal, Secretary General of the PHDCCI (PHD Chamber of Commerce and Industry).

Amit Mohan Prasad in his address expressed his appreciation for the knowledge conclave organized by BAA. Prasad shed light on the challenges faced by exporters, particularly in terms of access to credit and markets. He commended the Government of Uttar Pradesh’s ambitious initiative to plant 350 million saplings across 75 districts, with 50 million saplings already planted by August 15th. Prasad also shared exciting news about an upcoming international trade show scheduled for September 21st to 25th, 2023. This event will provide a platform for 2,000 manufacturers to showcase their products and contribute to the realization of the Prime Minister’s goal of a $5 trillion economy and the Chief Minister’s goal of a $1 trillion economy.

Padamshri Dr. A. Sakthivel said, “This event marks the beginning of a significant effort.” He acknowledged India’s consistent growth in the field of exports and expressed his desire to reach new heights under the guidance of the Ministry of Commerce. He concluded by thanking the organizers for providing him with this valuable opportunity.

Dr. Ajay Sahai, DG, FIEO, in his address, emphasized the crucial aspects of resilience in the supply chain. Dr. Sahai highlighted the importance of diversity and sustainability as key components. He emphasized India’s potential as a substitute for China, citing the country’s abundant resources and capabilities. Furthermore, he praised India’s free trade strategy for its significant impact on trade relations and underscored the transformative power of e-commerce in both B2B and B2C sectors.

Saurabh Sanyal, in his statement, brought attention to the pressing need for adherence to ESG norms. He emphasized the significance of tree plantation, enlightening the audience about the impressive carbon absorption capabilities of trees. Sanyal noted that even a small sapling can absorb 21 grams of CO2 within a week, while a fully grown tree can absorb a remarkable 36 kg of CO2. He urged businesses to contribute to the decarbonization of the environment by planting trees and earning carbon credits, thus safeguarding the future for generations to come.

Rakesh Kumar, Chairman of the India Expo Centre and Mart, expressed his delight at the successful organization of the conclave. Kumar highlighted India’s growing prominence as a sourcing destination and set an ambitious target of tripling its size by 2030. He emphasized the importance of knowledge sharing and collaboration and concluded his remarks by calling for the continued support of all participants in achieving this ambitious objective.

Speaking to Ten News about the conclave and its significance, Vishal Dhingra, Chairman of the Buying Agents Association, said, “The concept of the conclave was inspired by the European Union’s implementation of stringent regulations, particularly in the areas of environment, sustainability, and governance (ESG). These regulations have significant implications for handicraft imports. We need to familiarize ourselves with these regulations, disseminate the information within our wood community, and ensure continued exports to avoid exclusion from the European Union market.”

Given India’s stable economy and a population of 1.4 billion, the country is increasingly regarded as a reliable sourcing destination. Dhingra stated, “India has achieved a position in the world that was previously unparalleled. When you place an order, you can be confident in receiving the product.”

“Nevertheless, challenges persist when sourcing from India, including language barriers and vast distances. To address these concerns, the Buying and Sourcing Association offers invaluable support to international clients.” Dhingra emphasized their role in guiding clients through various sourcing hubs across the country, ensuring compliance with sustainability requirements, packaging standards, and other relevant laws.

“The India Sourcing Conclave serves as a platform to equip Indian exporters with the necessary knowledge and expertise to meet international requirements and maintain their competitiveness. Dhingra highlighted the significance of the sessions held during the event, which focus on preparing vendors to adapt their processes to meet ESG standards,” he said.