Defining factors that can help India become self-reliant

The COVID-19 pandemic is having an unprecedented impact on the economies around the globe. And, India is not an exception. In order to help the country cope with the pandemic, the government of India has made a slew of policy reforms and announcements.

With the aim to revive the economy, Prime Minister Narendra Modi emphasized the necessity of a self-reliant India. The initiative focuses on reviving the economy, promoting domestic production, generating employment, supporting start-ups and budding enterprises, strengthening supply chains and empowering people. For the same, the government has recently announced a special economic package worth Rs. 20 lakh crore under the ‘Aatmanirbhar Bharat Abhiyan’.

Working towards #SelfReliantIndia

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Narendra Modi in his speech pointed out five ‘I’s to make India a self-reliant economy. These induce intent, inclusion, investment, infrastructure and innovation. He further stressed on the need to restrict imports and boost local manufacturing with the “Make in India for World”, “Local for Global” And “Vocal for Local” initiatives.

India is emerging as a strong, self-sufficient and self-reliant nation with enormous opportunities. Here are a few factors that can help India become a self-reliant nation.

 Social Factors

• With a large pool of highly educated and ambitious youngsters, India has an advantage in the burgeoning number of start-ups and independent enterprises promoting indigenous talent. Government schemes like Pradhan Mantri Kaushal Vikas Yojana (PMKVY), Rural Self Employment and Training Institutes (RSETI), etc. enable the youth from rural India to secure industry-relevant skill training and migrating to bigger cities for job opportunities or establishing their own business.
• With a 130 billion population, India has a strong consumer market. Moreover, the spread of the internet and changing consumer habits have given a push to the domestic market, supporting budding entrepreneurs and start-ups. A classic example of this is the success of Reliance Jio which has managed to reach the milestone of 400 million subscribers in a single country market.
• India has numerous opportunities and abundant resources. Combined with the high level of skills, it’s one of the factors which has made India the IT hub of the world.

 Structural Factors

• India boasts of strong technical and engineering capabilities that are backed by top-notch educational institutes that work towards educating the youth of India. The government has initiated a New Education Policy to meet the changing requirements of quality education, innovation and research that further aims to make India a knowledge superpower. There is a new focus on vocational training as well, further increasing the talent pool.
• The Production Linked Incentive (PLI) Scheme introduced by the government focuses on enhancing India’s manufacturing capabilities and enhancing exports. The scheme offers production-linked incentives for 10 sectors including white goods manufacturing, automobiles, telecom, textile, food products and pharmaceutical, among others. The scheme aims to attract investment and make Indian manufacturers globally competitive.

 Economic Factors

• The ‘Make in India’ campaign is playing a significant role in boosting the domestic manufacturing industries and reducing the reliance on imports. The achievement of the Personal Protective Equipment (PPE) manufacturing industry establishing a new market estimated to be worth at least Rs. 10,000 crore in just two months is an exemplary example of the Make in India success story. This has not only given birth to an entirely new industry but has also made India a self-reliant and strong nation. And guess what? India is now the world’s second-largest supplier of medical PPE. Isn’t that inspiring?
• India has a favourable business environment. It ranks at 63^rd position among 190 nations in the recent World Bank’s ease of doing business 2020 report.

 The Way Forward for India

The government’s recent reforms such as allowing private companies in strategic sectors, agriculture reforms, labour reforms and commercial mining of coals, among others, act as strong pillars for the growth of the Indian economy.

A step forward towards self-reliant capabilities in areas like artificial intelligence, robotics, automation, electric and fuel cell vehicles, solar cells and modules, electricity storage systems, etc. can add up to more #AatmanirbharBharat stories.

That’s why ITC has teamed up with Network18 to present ‘Swabhiman Bharat’ – an initiative by Network18 to amplify the call given by PM Modi of creating a ‘Self-Reliant India’ and to shine spotlight on world class Indian resources and its indigenous stories.

The Swabhiman Bharat initiative goes beyond exhorting the virtues of Indian produce. It shines a spotlight on world class Indian resources and powerful narratives of excellence, while also providing valuable insight into entities, individuals and establishments that are invested in India’s future and are shaping its growth story.

You can be part of this massive push for India’s economic future, by helping add to our ‘Swabhiman’. Share stories of people, brands, organizations, etc. who are bringing our indigenous abilities to the fore, and help shed spotlight on the best among us.

This is a partnered post.