Facts for Prelims (FFP)
Context:
The UN Global Supply Chain Forum emphasizes the need for resilience in supply chains amid disruptions in world trade, calling for efforts to decarbonize global shipping and promote investments in digital solutions.
What is a supply chain?
A supply chain is a network of organizations, resources, activities, and technology involved in the creation and distribution of goods or services from the supplier to the customer. It encompasses the entire process from raw material acquisition to production, distribution, and delivery to the end consumer.
The UN-GSCF, co-hosted by UN Trade and Development and the Government of Barbados, aimed to tackle growing disruptions in global supply chains. Supply chain resilience, vital for minimizing disruption effects on revenue, costs, and customers, was a key focus.
Initiatives like the Global Supply Chain Resilience Initiative and the Indo-Pacific Economic Framework for Prosperity, in which India is a signatory, aim to enhance supply chain resilience. India’s domestic efforts include the PM Gati Shakti National Master Plan and the National Logistics Policy. Initiatives like Atmanirbhar Bharat and PLI schemes aim to boost manufacturing, complemented by a liberalized FDI policy.
Source: UNCTAD
