Survey Reveals That US Executives Are Three Times More Likely to Choose India Over China For Their Supply Chain Needs
OnePoll survey reveals that 61% of US executives said they would consider sourcing from India if they knew India had the same materials as China
WASHINGTON, Feb. 19, 2024 /PRNewswire/ — India Index (www.indiaindex.com) today announced that 61% of US executives said they would consider sourcing from India if they knew India had the same materials as China, according to an independent third party survey of 500 US C-Suite executives by OnePoll.
In early February, India’s $4 trillion stock market attracted billions of dollars of domestic and foreign money as investors flocked to ‘the China alternative’. It isn’t just institutional money that’s exiting out of China, it’s also supply chain capital.
Just a few of the survey’s striking supply chain findings on India, China, and US trade revealed the following:
- US C-Suite executives are three times more likely to choose India over China for their supply chain needs.
- Political risk (53%), IP theft (54%), and quality risk (45%) were top concerns amongst US executives when it came to trading with China.
- 26% of US executives revealed it was ‘very risky’ to trade with China, compared with India at 12%.
“The shift in institutional money from China to India isn’t going to be the only thing that we’re going to see shift,” says Samir Kapadia, Founder and CEO of India Index. “As the poll data clearly shows, we’re also going to see how the supply chain transforms globally.”
“For years, we knew that the US and India would enter into a long term trade relationship akin to that of China, but that really hasn’t accelerated significantly until now,” says Kapadia. “Today, the survey results reveal true alignment, not just with the positive sentiment coming in from business executives, but also external shareholder pressures due to forced labor concerns, intellectual property theft, and reputational risk abroad.”
According to the Census Bureau, US imports from China were down 24 percent from one year ago through the first five months of 2023. Companies such as HP, Stanley Black & Decker, Apple, and Lego have all started to decouple from China.
“While US trade with China will still continue, we now have data that validates that many US executives will start to slowly decouple from China in the year ahead and consider other trading partners such as India,” says Kapadia.
About India Index
Based in Washington, DC, India Index is a cloud-based platform that makes the process of sourcing from India easy. India Index’s vision is to connect every company in the world to a viable Indian supplier with confidence and transparency. Organizations globally – from startups to Fortune 500s – use India Index to diversify their supply chain partners, prioritize their company values, and optimize trade relationships to be more profitable. India Index helps buyers and suppliers search, filter, and vet supply chain partners through a seamless and cost-effective process. For more information visit www.indiaindex.com.
The nationwide survey of 500 C-Suite executives ran in early December 2023. To view the full survey details and for interview requests, please contact:
Olga Orda, Hypemachine
olga@hypemachine.io
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