If the recent speeches of the Prime Minister of India, Narendra Modi, are heard, then all of them have one thing in common. Prime Minister Narendra Modi is constantly emphasizing that now India must be made self-reliant. And Prime Minister Narendra Modi is calling on all industrialists to cooperate in making India self-reliant. But what can be the right way for India to become and become self-reliant? This is a matter of consideration.
India still imports most goods from countries such as China and America. And India’s deficit in foreign trade continues to grow. In such a situation, the Prime Minister’s concern is justified that India will now have to become self-sufficient. Otherwise, India will never be included in the list of developed countries!
What is the right way to make yourself independent?
India can become self-sufficient in two ways. The first is to manufacture manufacturing units here by indigenous companies. And at the same time manufacturing goods for India and exporting goods abroad.
The second way is to attract foreign companies to invest here. Both models are generalized across the world. Whereas countries such as China are more confident in attracting outside companies. But which of these may be the right approach for India?
If you look at China carefully in recent times, China seems to be constantly stuck in difficulties. Most of the companies from China are now shifting their trade to countries like India, Vietnam by consolidating their business. So if in recent times economic activity in India intensifies and in India becomes self dependent. Even then it will be a matter of thinking for India whether this is self-reliance?
It has been observed in recent days that American companies like Google Facebook and IBM have invested heavily in India’s largest Reliance Jio company. As before, Flipkart was acquired by American company Walmart. But is it right to make the country self-sufficient in this way? And is it really self-sufficiency?
Country’s own companies will have to give importance
It is generally seen in India that most startups start. But they are short of funds. When these startups raise funds from foreign companies, the share of most of them decreases continuously. This causes startup owners to exit their own company. And they have no control over their own company. And these companies become foreign.
A living example of this is Flipkart. There is also huge foreign investment in companies such as Big Basket Freecharge. To save this startups from becoming foreign, the Government of India will have to adopt its own policy. And domestic companies have to be encouraged. At the same time, local companies should be given priority in purchases made by the Government of India. Only then will India be able to move towards self-sufficiency.
Self-reliance will come from indigenous investment instead of foreign investment
We must understand clearly that the investment of foreign companies is permanent. This investment can be withdrawn at any time. The day the foreign investment is withdrawn, the country’s economy weakens. In such a situation, it is necessary that the country’s own companies and startups be created. And a favorable environment should be created for this.
Must adopt single window system
Looking at China’s economic policies, China has one of the simplest single window systems in the world. While doing business in India is still quite difficult.
Trade in India has been facilitated in recent years. But still not so accessible. India is still not in the top 50 countries. If we want to make the country self-reliant, then we have to come in the top ten in the list of the countries that start the most accessible business in the world. At the same time, instead of attracting foreign investment, the companies themselves should fund the government.
Things can be like China
If India still remains dependent on foreign investment, then the situation of India like China can happen. In recent times, it has been seen that the American and the rest of the world companies are pulling back their investment from China. Due to this, China’s economy is continuously getting weaker. If there is heavy foreign investment in India too. And if the foreign companies withdraw their investment, India can be in the same situation. And under such circumstances, it becomes very difficult for any country to recover. The companies that are running are closed suddenly.
In such a situation, the country also has to face heavy unemployment. In view of this, the interest rates in Indian national banks should be reduced. And it is necessary for startups to have a smooth economic policy. Innovation has to be promoted as well.
It is generally seen that whichever country promotes innovation, there is rapid economic progress. In recent times, it has been seen that China has overtaken the US and has secured the first place in this matter. In such a situation, it is important for India to promote Indian. And create technology that works for the whole world. In India, innovation is still given very little attention. Because of this, Indian companies lag behind other companies in the world.
Youth power will have to be used properly
This can contribute significantly to the youth population in making India self-reliant. But it is also true that India is the 21st century.
But after this, the number of old people in India will also increase continuously. In such a situation, if we have not yet given employment to our youth and do not make them fit to open their own startup. At the same time, India will also have to emphasize that the youth will have to be made employable and not employable. For this, India needs to have a good startup policy.
Increasing old population in India will increase the burden on the government. And their pension and health expenses will also increase continuously. In such a situation, the government should focus on youth power from now on. Let us tell you for information that the largest young power in the world is present in India. But India will be able to succeed only when it uses the youth power properly. If youth are not provided employment and remain unemployed, then there is a possibility of increase in crimes in the country. And if crime increases in the country, then foreign companies will not be able to invest here.
Special areas will have to be identified
To make India self-sufficient, it is necessary to identify specific areas separately. First we should focus on those areas in which India is not self-sufficient at all. And completely dependent on foreign goods. Which includes segments like mobile phone smart TV.
It is generally seen in India that the smartphone manufacturer here does not last more than 2 years. In such a situation, the smartphone manufacturer companies in India which are from India itself can be given tax concession. So that it can compete with Chinese companies. Recently, Jio has announced a range of cheap smartphones, shaking hands with Googles.
The need is that companies of this way will have to give an economic package from the Government of India as well. We have to remember that technology keeps changing from moment to moment. We can survive in the market only when we have new technology.
Availability of cheap loans will have to increase
At the same time, India will also have to provide cheap loans to entrepreneurs. It is generally seen that the loan rates in India are quite high. And the industry is buried under heavy burden.
The telecom sector is a living example of this. Today, companies like vodafone-idea are burdened with heavy debt. And India has lagged behind in terms of 5G. According to the BBC report, 5G will not start in India before 2023. This will put India far behind.
Restriction on import of non-essential goods
It is generally seen that a lot of goods are manufactured in India. But she is unable to compete with Chinese companies. And from there India imports heavily. In such a situation, the need is that even if the goods are expensive in the domestic industry. Vendors and manufacturers have to be promoted here.
It is commonly seen that everything from an idol of God to a plastic product is imported from China. Things of this way have to be stopped. And at the same time local vendors and manufacturers in India have to prepare for the manufacture of new goods and cheap goods.
Labor laws need to be changed
There is a great need to change the labor laws in India. Labor law in India is not as strong as it is in countries.
Due to this also India has to face difficulties. At the same time, there is such a large army of laborers in India that has not been able to get training. All such laborers will have to be identified and given training for industries. This will be a good step not only for the self-reliance of India but also for the private life of these laborers. At the same time, India can be made trade friendly by improving labor laws.
Persuading big companies to invest in other areas
It is generally seen that in India a company invests only in a particular sector. In such a situation, the Government of India should persuade these companies to invest in those sectors where there is no investment in India yet. Or is it only foreign investment. We can take the Adani group as an example. The Adani Group invests mostly in energy. While the Adani Group has the ability to invest in other areas of the country as well. At the same time, the Tata Group is also a living example of this. Similarly, Infosys can also be named. Which is India’s largest technology company.
Generally, the whole world agrees that the more privatization in the country, the more economic progress the country will be able to make. But this is not the case in India. In India, the government intervenes in every field. And the Government of India has a company in every field.
In such a situation, the government should continuously reduce its investment in these companies, and will have to invite private investment. It is generally seen in India that there are as many government companies as there are in India. They all have either deficit. Or she is not able to function at full capacity.
Also, government companies have a monopoly in these areas. This monopoly has to be abolished and attract private investment. Which will increase the opportunities of jobs in the country. Along with this, youth power will also be used properly. At the same time, this step is also very important for India’s self-reliance. I think that if the Indian government will reduce its investment and encourage private investment, it will prove to be a milestone in India’s self-reliance.
Equality and equal opportunity for women
In India it is observed that women are still not given equal importance as men in jobs. And they are not given preference in jobs. While this is not true.
In any country, women and men should have equal contribution in the field of construction. Only then that country will be able to make economic progress. Europe and America are examples of this.
In such a situation, the Government of India will have to run a separate program to bring a change in thinking in the society of India. And women empowerment and women entrepreneurs will have to be promoted.
However, there are already a lot of schemes for entrepreneurship of Indian women. But the work on the ground is not visible. Now the need is that women entrepreneurs should be promoted in real terms. And an economic package should be announced for them.