A disastrous model
In the late 1980s, transnational corporations started shifting the production base to smaller companies in developing countries, especially Asia, in search of cheap labour and raw materials. Developed countries supported the move because shifting the polluting and labour-intensive industries suited them as long as ownership remained with their companies. Thus, the world witnessed the development of global supply chains in many products starting with garments, wherein huge companies with massive market power dictated the terms to smaller manufacturers down the value chain to produce cheaply.
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Unknown titleector was opened up to foreign direct investment. India’s industrial policy was virtually junked, and policymakers and the political leadership became contemptuous of the idea of self-reliance. <span>A disastrous model In the late 1980s, transnational corporations started shifting the production base to smaller companies in developing countries, especially Asia, in search of cheap labour and raw materials. Developed countries supported the move because shifting the polluting and labour-intensive industries suited them as long as ownership remained with their companies. Thus, the world witnessed the development of global supply chains in many products starting with garments, wherein huge companies with massive market power dictated the terms to smaller manufacturers down the value chain to produce cheaply. Coronavirus | No need to panic over availability of PPE: Health Ministry Though many developing countries participated in the global production/value/supply chains, the substantial valu Summary
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