It was a month ago. In a conversation on phone with a senior manager of a medium-scale chemical company on people returning from China and being tested at the airports for coronavirus, he said in hushed tones: I am one of them who returned from Wuhan two weeks ago. Now I am in isolation and do not have to go to office for another two-three days. He explained that since most of the company's raw materials are long-term contracts with manufacturers in Hubei province, the management had sent him to renegotiate contracts and explore other options.
Then life was normal there. There was no other option and I had to go, he reasoned.
But, one thing is abundantly clear. Once the Covid-19 virus storm passes, the Indian chemical and specialty chemical manufacturers could rethink their sourcing strategy. That's because till the crisis struck, these companies were relying heavily on two countries - China and the US - for sourcing raw materials. Continuing with the same strategy will push their business into the doldrums, say experts.
Over the past two months, chemical manufacturers have been working hard to change their source from China to other destinations. Wuhan, the epicentre of corona virus pandemic, happens to be a global hub for chemical production. China, in fact, dominated global chemical supply for almost two decades. But now, India's trade data shows a shift in imports.
Esta historia es de la edición April 19, 2020 de Business Today.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición April 19, 2020 de Business Today.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor? Conectar
"Hire for attitude, not ability"
Thryve Digital is a player in the healthcare technology sector delivering next-generation solutions
Road Warrior
For Khalid Wani, Senior Director of Sales at Western Digital India, life is much more than just the corner office. Biking across the world is one way he derives meaning for his life
WIDENING THE POOL
THERE HAS BEEN A JUMP IN INDIVIDUALS INVESTING DIRECTLY IN THE STOCK MARKETS, BUT MUMBAI AND AHMEDABAD STILL ACCOUNT FOR THE LION'S SHARE. THERE DEFINITELY IS SCOPE FOR IMPROVEMENT IN TERMS OF PENETRATION LEVELS ACROSS THE COUNTRY
CRISIS IN THE CLOUDS
INDIAN AVIATION IS IN CRISIS. AIRLINES ARE GRAPPLING WITH FLIGHT CANCELLATIONS, CREW SHORTAGES, AND COMPLAINTS ABOUT POOR SERVICE, ARE BLEEDING DUE TO RISING COSTS WILL THE FASTEST-GROWING AVIATION MARKET RECOVER?
"India should start privatising public sector banks"
Arvind Panagariya, Chairman of the 16th Finance Commission, on growth, inequality, jobs, the banking sector, and more
THE DARK SIDE OF GOLD LOANS
THERE HAS BEEN A SHARP RISE IN GOLD LOANS IN RECENT YEARS. BUT THERE IS A SEEDIER SIDE TO THIS, AS IS EVIDENT FROM THE RED FLAG THE RBI RAISED RECENTLY. WILL THE REGULATOR'S MOVE PROTECT CUSTOMERS?
"I LET MY WORK DO THE TALKING"
Megha Engineering & Infrastructures MD P.V. Krishna Reddy on being low profile, the infra opportunity and much more
"Core of insurance lies in long-term security"
Vibha Padalkar, MD & CEO of HDFC Life, on the insurance provider's performance, surrender charges, and future innovations
Distress in the Books
Bandhan Bank, the brainchild of Chandra Shekhar Ghosh, has made the journey from an MFI to a bank, but with many hurdles. Now with his resignation as MD & CEO, is the lender staring at more uncertainty?
A Stellar Debut
The TAC Infosec IPO saw bids worth ₹8,417.33 crore pouring in, thanks to intense bidding from all categories of investors