Hyderabad: The golden dream of Prime Minister Narendra Modi is to unveil a self-reliant India that would emerge as a superpower in the manufacturing sector, taking advantage of the global Covid crisis. Accordingly, he gave a resounding slogan calling for “Atma Nirbharata” (Self-Reliance) in his latest Mann Ki Baat. The Prime Minister gave a call to the entire population to make a New Year resolution to buy Indian manufactured goods only. He has also advised the Indian industry and manufacturing sectors to match with international manufacturing standards. The Prime Minister also advised Micro Small and Medium Enterprises and small scale industries to play their role in realizing this dream.
People are ready to buy only indigenously manufactured goods to breathe new life into the domestic manufacturing sector that has collapsed under the impact of the recession that came along with the Corona Virus. There is a lot for the government to do for ensuring that indigenous products are accessible at an affordable price. Small organizations are lamenting that they are getting raw material only on advance payment and the burden of transport charges is becoming unbearable. These organizations are tirelessly waiting for economic assistance from the government. The first step that can be taken by the government for the revival of the manufacturing sector and the national economy is to extend financial assistance to the small scale industries.
In the month of February this year, it was proposed to impose restrictions on the import of televisions and costly furniture that do not come under the category of essential requirements. In what is seen as a move to promote Swadeshi, 1000 kinds of foreign products have been removed from the Kendria Police Kalyan Bhandar stores. This has been in implementation since the past seven months. The Center seems to be committed to implementing a uniform policy throughout the country.
Analyses in the past had indicated that the country’s domestic expenses for one year amounted to Rs 42 lakh crore. Though the growth rate has shrunken a little due to Covid, the size of the electronic products industry alone is expected to double by the year 2025 to Rs 1.5 lakh crore.
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According to the Union government’s commerce department, the country witnessed a trade deficit of Rs 12 lakh crore due to the imbalance where imports exceeded the country’s exports in 2019. If a long term policy is designed to increase demand for indigenous products, reliance on foreign countries will decrease and also the national industrial growth will improve tremendously.
The Center should forthwith consider encouraging MSMEs in the manufacture of spare parts, linking them with the next level of production and also take steps for strengthening the systems that extend assistance to them at essential levels. Our young population is the country’s natural strength. When compared with China and Japan, the average age of Indians is far less. Average Indian is 28 years old. Statistics are revealing the fact that 64 percent of the country’s population is in the age group, that is capable of working.
The system that makes the unemployment rate higher among the educated should be cleansed. The need of the hour is to improve the percentage of skilled workers. Indian products will get better demand when visionary strategies are adopted to smash the industrial misfortune suffered by the country.
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