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"SELF-RELIANT INDIA" IN A COVID RIDDEN WORLD


As for food, India has plenty of fertile lands; there are enough water and no dearth of manpower. The public should be educated to become self-reliant. Once they know that they have got to stand on their legs, it would electrify the atmosphere” – Mahatma Gandhi

Covid19 as a prospect in crisis

The Covid ailment (COVID-19) pandemic, which began in the city of Wuhan, China, has immediately spread to different nations, at first to a great extent influencing Italy and the USA, with cases been accounted for around the world. As of May 8th, 2020, in India, 56,342 positive cases had been accounted for. India, with a populace of more than 1.34 billion—the second biggest populace on the planet—is experiencing issues in controlling the transmission of serious intense respiratory condition Covid 2 among its populace. Different systems are quickly to deal with the current episode; these incorporate computational demonstrating, factual instruments, and quantitative investigations to control the spread just as the fast improvement of another treatment. The Ministry of Health and Family Welfare of India has brought issues to light about the ongoing episode and has taken important activities to control the spread of COVID-19. The focal and state governments are taking a few measures and figuring a few wartime conventions to accomplish this objective. Besides, the Indian government actualized a 55-days lockdown all through the nation that began on March 25th, 2020, to diminish the transmission of the infection. The pandemic brought forth a few words that were new, for example, lockdown, isolate which thus caused a sentiment of disquiet, nervousness to the number of inhabitants in 1.2 billion Indians and in the business. This episode is inseparably connected to the economy of the country, as it has significantly blocked modern areas since individuals overall are presently mindful about participating in business in the influenced districts. 

For backing out the difficulties looked by the populace the administration needed to take different intense choices and cause certain laws and changes so they to can spare the lives of their kin and can continue the economy of the nation. In these changes, the Indian Prime Minister Mr. Narendra Modi pushed towards the idea of Self Reliance or "aatmanirbhar Bharat". Confidence was not new for the populace but rather grasping it in our standards is a drawn out vision for the nation. 

Aatmanirbhar Bharat Abhiyan, which means 'independent India' or 'independent India', is the vision of the Prime Minister of India Narendra Modi of making India "a greater and more significant aspect of the worldwide economy", seeking after approaches that are productive, serious and strong, and acting naturally continuing and self-creating. Aatmanirbhar Bharat doesn't signify "self-control", "disconnecting endlessly from the world" or being "protectionist". The primary notice of this came as the 'Aatmanirbhar Bharat Abhiyan' or 'Confident India Mission 'during the declaration of India's COVID–19 pandemic related monetary bundle on 12 May 2020.The five mainstays of 'Aatmanirbhar Bharat' are expressed as economy, foundation, innovation driven frameworks, energetic demography and request. 

The fast track to the self-reliant economy through the new developments:

There is a need for the tree to become stronger from its roots before they grow any branches because it needs to be stronger for holding the weight of the bigger branches. In the same way, there is a need for the Indian economy to become self-reliant through strengthening the base of the economy. This can be achieved if the population of the base economy starts earning more through new jobs or new entrepreneur prospects and therefore, they can become more self-reliant.

Therefore, it is evident that if there is proper exposure given to these stakeholders then India should focus more on the problem of the challenges of the lack of systematic knowledge flow in the field of an entrepreneur. There is a need to create more of a user-centric approach so that the challenges can be identified and the solutions can be formed.

Vocal for the local

In our country India there are various local networks which are in turn playing a huge role in the strengthen the local economy. Such networks are such as the SHGs, VLEs, MSMEs, and FPOs of society. The various other initiatives taken are made in India, start-up India, AGNIi, digital India, GeM, etc. have played are a huge role in the strengthening of the networks. There is a need for the country to form new age technologies so that innovations can be done from the networks of global standards. After the covid19 the MSME will be the one-stop for the investors therefore there is a need for the government to make new business reforms so that the investors can sustain in the MSME community. 

Innovation centres

Coronavirus is unprecedentedly affecting the economy, disturbing different parts and specialty units. To enable the economy to recuperate, reinforce gracefully chains across ventures, and advance home-grown creation, the administration has reported an INR 20 lakh crore monetary bundle under the Aatmanirbhar Bharat Abhiyan. The mission is to make India independent in key monetary divisions and improve versatility to future geo-financial stuns. While the bundle focuses on a wide exhibit of segments, a couple of key ones particularly loan themselves to developments and far and wide support by the MSME and start up biological system of the nation. 

Coronavirus has caused its effects on practically all the parts of the nation yet the development habitats can be viewed as the friend in need of the people just as the organizations. There is a requirement for the nation to support the field of development and urging them to arrive at a circumstance where they can help the rustic networks through their most recent business visionary models. Even after the covid19, the advancement segment will even assistance in accomplishing the cheapness. At the point when the whole world will be looking and growing new models for their objectives, India will as of now be prepared with its coordinating norm of economic advancement. 

Investing in the research and development

India completely missed out on the ‘third industrial revolution’ comprising electronic goods, micro-processors, personal computers, mobile phones and decentralised manufacturing and global value chains during the so-called lost decade(s). Today, India is the world’s second largest smartphone market. However, it does not make any of these phones itself, and manufactures only a small fraction of solar photovoltaic cells and modules currently used, with ambitious future targets. 

At the turn of the millennium, when India embarked on liberalisation, privatisation and globalisation, the very concept of self-reliance was rubbished, in the belief that it was tantamount to reinventing the wheel when advanced technologies could simply be bought from anywhere at lower costs. Two related ideas have prevailed since then, and neither delivered the desired results. The first was that public sector undertakings (PSUs) are, by definition, inefficient and sluggish for the competitive globalised scenario. No effort was made to engender either real autonomy or a transition to new technological directions. Instead, PSUs with capability and scale for the task were undermined or abandoned, along with many nascent research and development (R&D) efforts (for instance, in photovoltaics, semiconductors and advanced materials). On the other hand, the private sector displayed little interest in these heavy industries and showed no appetite for technology upgradation. With entry of foreign corporations, most Indian private companies retreated into technology imports or collaborations. Even today, most R&D in India is conducted by PSUs, and much of the smaller but rising proportion of private sector R&D is by foreign corporations in information technology and biotechnology/pharma. Given the disinclination of most of the private sector towards R&D and high-tech manufacturing, significant government reinvestment in PSUs and R&D is essential for self-reliance.

India is already working on the research and development labs through the AGNIi. Through this, there is a transfer of the innovations from the food processing to the water purifications which in turn helped in taking these technologies from labs to the market. The research and development can be considered to be a key for the acceleration of the self-reliant economy therefore there is a need to increase the public and private research collaborations. If these innovations are used in a proper form, then there will be no need for India to depend on the multinational corporations (MNC) for any product. 

Conclusion:

An already-slowing Indian economy has been derailed from its growth track after a stringent shutdown was imposed in March to halt the spread of Covid-19. The jury is still out on whether the lockdown dented the progress of the virus, but it has certainly damaged the economy. India’s GDP is set to contract anywhere between 5% and 10% this year – for the first time in four decades. 

Obviously, some of the damage will be long-lasting. Assuming that India’s economy grows at 7% between 2022 and 2024, the permanent loss would be 10%, according to a recent report from Mumbai-based credit ratings agency CRISIL. “To catch-up would require average GDP growth to surge to 11% over the next three fiscals, something that has never happened before.” 

While that enormous challenge looms, some experts and economists believe a recovery could be on the cards in the next six to nine months. It just won’t be straightforward. 

The Indian government’s decision to remove most of the restrictions has provided much-needed relief to businesses, large and small. Despite this, the demand scenario is expected to remain weak for most of the current financial year. But it could make a comeback next year. “The resumption of normal economic activity will drive much of the growth,” said Vishrut Rana, an economist at New York-headquartered S&P Global Ratings. “Households will spend more normally as opposed to cautious and limited spending amid the Covid-19 outbreak. Firms will also restart delayed investments.” And as consumption revives, credit rating agencies expect India’s economic growth to rebound. 

Thus, it won’t be wrong to state that India will recover from the effects of this pandemic, sooner or later, but the theory and even the practices of “self-reliance” will lead us the way throughout.

“The statements, views, and opinions contained in handbook are those of the author and are not endorsed by, nor do they necessarily reflect the opinions of VS Legal Associates or its team. However, in case of any discrepancy, reach out to us on vsl.vslegal@gmail.com

 This blog provides purely informative content. VSLA claims no copyright over the publications


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