Atmanirbhar Bharat — a boon for the nation
Mr Narendra Modi, Prime Minister of India addressed the nation on 12th May evening around 8 p.m. stating the present situation on Covid-19, supporting and appreciating all the citizens maintaining lockdown’s rules & legislations. We have to be self-dependent on improving our lifestyle and economic state rather waiting for some global opportunities to knock us on our doors.
Atmanirbhar Bharat is an initiative to grow and help in building self-reliant India and is based on five pillars. Those are Economy, Infrastructure, Technology-driven systems, Demography, Demand. The prime minister emphasised that his vision includes active participation in post-COVID global supply chains as well as the need to attract foreign direct investment.
After Covid-19, the country stayed indoors, the economy was dealt a crushing blow. While both the central government and the Reserve Bank of India (RBI) have announced mega stimulus packages to revitalize the economy, we still don’t know how effective they will be. What
we do know is that the world will not be the same post-COVID-19 and even on the economic front there will be a “new normal”. Like every crisis, this will also create opportunities and open new horizons, which if leveraged can help strengthen our economy.
The world including India is currently overly dependent on China for raw materials and now is the right time to challenge this hegemony, as companies look for alternative manufacturing hubs in their bid to de-risk. India could be their destination of choice, provided we offer a conducive environment. Huge scope exists in sectors such as pharma, electronics, automobiles and defence machinery, not only to be self-reliant but also capture a decent slice of the global supply chain.
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