Ever since PM Modi 5th address to the nation, “Atmanirbhar “has been buzzing word around social media. With COVID-19 spreading and lockdown implementation, it has brought the world economy to a standstill.
We all know that China has always attracted foreign investments due to its favorable FDI (Foreign Direct Investment) making it the world’s factory hub. As of 2019, it is said that 50 % of China’s growth comes from manufacturing sectors.
According to Investopedia China attracted firms mainly due to its cheap labor, large low import tax, an undervalued currency, and even permissive regulatory environment, unlike western countries. But ever since COID-19 has become pandemic, foreign companies are looking to shift their production base out of China to other south Asian countries. With rising urbanization for a resource-rich country like India, it has become one of the top ideal destinations for investors to set up industries.
Ever since March 25th 2020, India being in lockdown has caused severe disruption to its economy. To revive the economy, the PM Modi announced a special package called the Atmanirbhar Bharat Abhiyan (or Self-reliant India Mission) where he emphasized the importance of promoting Local Business and products. A couple of years ago, in September 2014, Make in India was introduced by Prime Minister as part of a wider set of nation-building initiatives, devised to transform India into a global design and manufacturing hub. MSMEs (Micro Small Medium Enterprises) in India number up to 70 million and contribute around 30 percent to the nation's Gross Domestic Product (GDP). These enterprises are among the worst hit during the corona virus pandemic.
Keeping both the campaigns hand in hand it will not only boost the economy but also encourage people to choose locally made goods and reduce the use of foreign brands. With so many multinational brands flooded in the Indian market, MSMEs find it difficult to stay relevant with their larger competitors. By giving them business we not only help them gain revenue stay operational but also encourage them to innovate on their products but also grow into a nationwide brand in the future.The more you shop at a local store, the more potential job opportunities you could help them provide.The government has also decided to rework on definition of ‘micro’ ‘small’ and ‘medium’ ensure that the MSME continues to get benefits.
In the era of social distancing, many of us might be inclined towards online shopping and buy popular brands. Though it might be difficult to change our old habits, with a new normal post COVID, small steps towards encouraging local products.
Here are some of the most popular Made-in-India products and brands that can be chosen over their foreign-made counterparts.
“When you buy from a Mom and Pop Business, you are not helping a CEO buy a third vacation home. You’re helping a little girl get dance lessons, a little boy get his team jersey, a mom or dad put food on the table, a family pay a mortgage, or a student pay for college. Our customers are how we support our families and we do not take that lightly. We value each and every one of you.”
– Nick Bello,The Shop Local Network
Picture Reference: Wikimedia, Unsplash
Reference Articles : Indian Express , Mygov , MakeinIndia,BBC News