Being a Swadeshi movement put into effect back in September of 2014, Make in India encourages companies to manufacture their products in India and in turn attract dedicated investment in the manufacturing sector. Post the initial launch, India gave investment commitments worth ₹16.40 lakh crore and investment inquiries worth of ₹1.5 lakh crore within a period of the next 18 months. This resulted in India surpassing China as the top destination for FDI.
Given the current scenario of COVID-19, exports have been affected the world over and especially in India since most of our exports include intermediate goods and agricultural products. That said, there is still a silver lining behind all the doom and gloom surrounding the pandemic. Due to China being the epicentre of this coronavirus outbreak, a lot of western firms especially in the chemical industry are looking to move their production units out of China. The initial stimulus package of Rs 1.7 lakh crore in March, followed by liquidity initiatives by the RBI and the stimulus package of Rs 20 lakh crore will help the Indian economy recover. India, being a young economy, is the next best option for these companies and is bound to be an attractive FDI spot post-COVID. This is where Make in India comes into play. This opportunity must be seized with the groundwork being laid for becoming a production hotspot.
The policies under the Make in India initiative were meant to create an environment that is more friendly to investments, develop the infrastructure that is both modern and efficient and encourage FDI in new sectors. India was 130th on the World Bank’s list for ease of doing business. The post Make in India Initiative, it came up to the 63rd position.
PM Narendra Modi’s slogan “Zero defect, zero effect” makes up the essence of the Make in India initiative signifying no defects along with no adverse impact on the environment.
A call to action for supporting local products was made in the speech preceding Lockdown-4. #VocalForLocal brings the public to attention for buying and supporting local, indigenous products. Anything manufactured or produced in India is considered local, be it by MNCs or domestic businesses. India is a country with great potential and can achieve being self-reliant, not just during the time of crisis but also afterwards. #AtmanirbharBharat is not just a distant dream but something we have in our grasps if only we do our part and support the “local” global standard goods.
Our N95 Masks carry the tag of Made in India, so with each product we sell, we are adding to our own nation’s economy. All of our other products, along with being safe, SLS free, Paraben-free, cruelty-free, are also friendly to our economy! This time, all of us who love to shop have a way to do our bit. Let us buy domestic products and encourage everybody around us to do the same.
We have all heard of thinking globally and acting locally. This time, let’s Think Global and Adopt Local!