Vocal for Local : Support the Indian Economy

Recently, PM Modi said that India should be 'Vocal for Local' to achieve the goal of 'AtmaNirbhar Bharat' (Self-reliant India). He make COVID-19 crisis as an economic opportunity.

What is 'Vocal for Local' ?

To support and encourage local businesses and products that could be competitive in domestic as well as in international markets.

The 'Vocal for Local' success is resulted as 'Atmanirbhar Bharat' (Self-reliant India).

What are key Focus areas ?

• To greater recognition and investment in local Knowledge, Products, Technology, Talent.

• Further amplifies "Make in India" campaign.

• Promotion of local brands and domestic manufacturing.

• Manufacturer of value-added products to create jobs at local level.

Why is 'Vocal for Local' ?

• The basic foundation of 'Vocal for Local' is competitiveness of Indian business and product in both markets - Domestic market and international markets.

• To connect all local business on one platform i.e. known as AtmaNirbhar Bharat.

• The roar of more than 1.3 billion people of India to reach every corner of the world.

• Utilisation of Demographic Devident in real terms.

• To better use of resources.

What are the Significances of 'Vocal for Local' ?

• Massive potential to create employment in India and in other countries also.

• India can be 'Manufacturing Hub'. That will fulfill the goal of 'Make in India' initiative.

• It can improve labour intensive industries like Toy Industry, leather industry, agro-based textile industries, etc.

• To creation of value-added chain production.

• To boost Micro-Small-Medium- Enterprise (MSME) sector.

• It can improve GDP growth of the Country.

• It can be balance export and import of goods, and reduce dependency on import.

• Reduce brain drain.

• Better infrastructure development.

• Indian goods can hold better position in the international market.

• All the above factors increase employment, reduce poverty, women empowerment,  increase purchasing power of the people that way to achieve Sustainable Development Goals.

Challenges :

• India dependency imports for -

                               + Oil

                               + Foreign Exchange

                               + Defense Equipments

                               + Electronic Equipments

                               + Solar Equipments

                               + Automobile

• Low competitive Indian Industrial ecosystem.

• Lower investment in Research and Development (R&D).

• Lack of indigenous Technologies.

• Mismatch of Education and Industrial Skills required.

• Lack of infrastructure development.

• Complicated Good and Services Tax (GST) systems.

Government Policies :

The policies which is already in action promoting 'Vocal for Local'. These policies are -

• Labour Reforms 2020 : Recently, the government simplified the labour law system of the country.

• Education : National Education Policy 2020 (NEP-2020) - The new education policy will fill the gap of education and skill required in Industries.

• Agriculture Reforms : The Three New Farm Act 2020 will increase the productivity, market connectivity with fields, easy way to buy and selling agricultural products.

• Startup India : To boost new entrepreneurship.

• Standup India :  Encourage deprive sections of people to become Entrepreneur (self-reliant).

• PM Modi in 2015 declared 7th August as National Handlooms Day to bring weavers into the mainstream of India's development.

• Government of India launched E-Khadi Portal.

Additional Read : Three New Farms Act 2020

Road Ahead :

• To make simple tax system.

• Investment in Research and Development.

• Reduce import from neighbouring countries.

• More startup required.

As PM Modi supported and making new innovative campaign to 'Vocal  for Local' (e.g. He address Spiritual Guru to participate in 'Vocal for Local'). You can also support and encourage 'Vocal for Local' from your home, village, town, city, state, India or from abroad also.

References

RSTV

PIB

News Papers