This speech insight is based on the speech of Honorable Prime Minister of India, in a virtual conference conducted by Indian Chamber of Commerce (ICC) during June 2020. India is heading towards the growth trajectory despite challenges. In the current decade, infrastructure and economic development in Eastern and North-Eastern parts of India is picking up. This speech insight describes the Current Challenges, Handling Challenges, Sector Specific Self-Reliance, How to Achieve?, Indian Economy and Going ahead.

Challenges: As on 2020, India has challenges coming from multiple dimensions such as the healthcare pandemic, floods, fire in some regions, cyclones and reported mild earthquakes in few parts of the country. Time also tests sometimes. Many issues come at same time.

Handling Challenges: Despite these challenges, India is facing and trying to progress with self-practice, trails, experimentation, self-reliance, and even supporting other nations in difficult times by exporting healthcare and Pharma products. According to experts, if you can’t win in your mind, you can’t win in reality. Hence, believing, keeping faith and determination play major role. Presently India is exhibiting desire, strength, and confidence in handling situations. To handle situations, individuals require desire to achieve and faith in what they are doing. One more thing is, one should convert the trouble into opportunity. The solution is Aatmanirbhar Bharat (Self-Reliance). India has sufficient essential products for the domestic market.

Sector Specific Self-Reliance: India is trying to achieve self-reliance in coming to 5 to 6 years in areas such as edible oils, electronic manufacturing, aviation sector, solar panels, battery technology, etc. India should accelerate towards the exports in these specific sectors. Solar energy, solar power generation, solar panel manufacturing, rechargeable batteries are sectors where MSMEs (Micro, Small and Medium Enterprises) can jump in. There is demand for this market in India.

How to Achieve?: One philosophy currently going on is Local ka Vocal banavo (be vocal to local goods). Also work on the vision and use Indian hardware in products and goods; and export the finished goods to other countries.  With the recent financial reforms and economic package, the entire definition of MSMEs has changed in India. Also with recent reforms in coal and mining sector, India would like to make these two sectors competitive in near future. With respect to agricultural economy, farmers are allowed to sell their produce anywhere in India. The future outlook is the farmer-industry partnership. Farmer is looked at as product producer.  Specific to North-eastern region (Sikkim), bamboo/organic products sector could be their core competency. They need to focus on organic farming in this region. They can also export organic products to foreign nations. Eastern region has the resources, heritage and potential for growth. India has to strengthen the domestic supply chain in such a way that it should be capable of even exports. Government also has started e-marketplace for vendors. Earlier only top players were able to supply goods to government sector. With e-marketplace, MSMEs/SMEs and small players also can become vendors of goods and services to government establishments.

Indian Economy: Indian economy is heading:

from “COMMAND and CONTROL economy” to “PLUG and PLAY economy”.

“PEOPLE <-> PLANET <-> PROFIT” are interlinked.  Best example is the LED bulb. An LED bulb which used to cost Rs 350 five years ago, is now available for around Rs 50 in India. It reached all most all houses and street lights. Because of this electricity bills reduced and profits also increased. Because of LED bulbs, India could save Rs 19,000 crore in power bills. Inland water ways and water beds are increasing in India. It reduced the water transportation costs at consumption side.

Going Ahead: Single use plastic has to come to India; Indian industries should work towards this. Contact less-touch less-Cash less 24/7 transactions are entering into Banking sector increasing transparency. Mobile, Aadhar, Jandhaan accounts have reached large parts of the population. With the new identified growth sectors, India is heading towards the economic sustenance and self-reliance.

Hope, I was able to convey whatever I learned.

Best Regards,

Dr.Goparaju Purna Sudhakar

 

Reference:

ICC (2020), “PM Video Conference with AGM of ICC, Kolkata”, June 11, 2020, Available online at https://pmindiawebcast.nic.in/?jwsource=cl

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