ShakeDeal happens to be India’s largest procurement-focused B2B e-commerce platform. Its vision is to shape the future of commerce, by creating unprecedented value and opportunity for customers, employees, investors, and ecosystem partners.
Santhosh Reddy, CTO and Co-Founder, ShakeDeal, tells us more regarding its role in the global electronics supply chain. Excerpts from an interview:
DQ: What is your take on India's growing role in the global electronics supply chain?
Santhosh Reddy: India's ascent in the global electronics supply chain is noteworthy. The nation, once reliant on imports for 82% of smartphones in 2014, has undergone a transformative journey. Under the leadership of Prime Minister Modi, India now boasts self-sufficiency, manufacturing almost 100% of its smartphones. This pivotal shift has catapulted smartphones to rank as the fifth-highest exported product, exceeding Rs 1 lakh crore.
India's prowess in the electronics sector reflects a strategic economic evolution, positioning the country as a key player in the global supply chain. The achievements signify a commendable stride towards self-reliance and increased contribution to the international electronics landscape.
DQ: How has India's growth in this segment impacted domestic technology?
Santhosh Reddy: India's economic growth, fueled by its integral role in the global electronics supply chain, is poised for substantial expansion. With the domestic electronics market projected to surge to $400 billion by 2025, India is emerging as a key player in global manufacturing and innovation.
The favorable government policies and the production-linked incentive (PLI) scheme have created a conducive environment for India's electronics industry. This support, coupled with the collaboration of a technology giant, is expected to propel India to surpass Rs 1,20,000 crore in mobile exports in the current fiscal year. The country's strategic position in the supply chain has attracted significant foreign investments, fostering technological advancements and job creation.
As India continues to diversify its electronics production (from smartphones to semiconductors), it not only contributes to the global marketplace, but also strengthens its economy, signaling a very promising trajectory in the realm of international trade and commerce.
DQ: How would be India's economic growth due to the same?
Santhosh Reddy: The country's economic growth is intricately linked to its pivotal role in the global electronics supply chain. As a key player, it serves as a manufacturing hub for leading technology companies, fostering innovation and driving employment. Its strategic position enables seamless integration into the production networks of multinational corporations, attracting significant foreign direct investment.
By consistently supplying essential components and contributing to the production of cutting-edge electronics, the country not only ensures a steady revenue stream but also enhances its technological capabilities. This symbiotic relationship amplifies economic growth, positioning the nation as a vital player in the ever-evolving landscape of the global electronics industry.
DQ: How is India continuing to grow with strategic collaborations?
Santhosh Reddy: India's growth in electronics is propelled by strategic collaborations with global giants. Companies like Samsung have invested significantly in local manufacturing, fostering job creation and skill development. Another notable example is Foxconn, which has partnered with Indian firms to manufacture smartphones, contributing to the country's 'Digital India' vision.
Additionally, the Tata Group's collaboration with semiconductor companies for chip manufacturing showcases India's commitment to technological self-sufficiency. These collaborations not only attract foreign investment but also enhance India's position in the global electronics supply chain, driving economic growth and innovation. The synergies between international corporations and India's burgeoning electronics sector underscore the nation's journey toward becoming a manufacturing and innovation hub.
DQ: What are ShakeDeal's future prospects?
Santhosh Reddy: ShakeDeal’s future prospects are almost intertwined with the journey of India in the global electronics supply chain. As a key player in the B2B e-commerce space, we recognize the impact of this trend and have strategically positioned ourselves to leverage and contribute to this evolution.
We are actively incorporating a broader range of electronic components, devices and technologies ensuring that businesses on our platform have access to these latest innovations. We will continue to forge strategic partnerships with suppliers, manufacturers and distributors in this sector. We understand the evolving and unique needs of our customers and we will focus on providing customized procurement solutions.
By leveraging advanced technologies such as AI and data analytics, we want to allow our customers to streamline their purchasing activities. ShakeDeal will also take a proactive role in educating businesses about the changing dynamics of the electronics supply chain. The goal is to empower our customers with the knowledge they need to make informed procurement decisions.