Strategies for Atma-nirbhar Bharat - A Clarion call by our Hon. Prime Minister Shri. Narendra Modi.

COVID 19 outbreak offers lesson to learn for import dependent India, Says Manish Panchal - Strategic Advisor & Industry Expert.

Role of authorities (DCPC, MOF, MOC, MOEF) is to come together and ensure that country is self-reliant (AtmaNirbhar) in all the inputs instead of import dependency.

Today business world is going through a very dynamic changes and high level of uncertainty. Because of Global Political situations, Global Economic situations, Global Environmental situations and now Global Pandemic situation.

Country first sentiments are voiced by all leaders around the globe. In such a situation it is prudent for economies that are heavily dependent on imports to come up with strategies to reduce dependency.

As no one has a crystal ball to forecast future calamity and there is no clear solution even in terms of Vaccine for COVID 19. This has already started giving jitters to several businesses that are import dependent.

Till 16th Century India was one of the leading economy of the world and it was able to fulfil needs  related to Food, Shelter & Clothing of all its countrymen.

In today’s modern world basic need remains the same but the means to fulfil the needs and aspirations have changed with new set of products that offer comfort, convenience and cool factor.

Several Industries like Electronic & Telecom, Defence & Infrastructure, Pharmaceutical & Medical Devices, Agriculture, Chemicals & Petrochemicals Industries are playing significant role in this development as it has application in most of these aspirational products that we see around us in day to day life.

Unfortunately, the supply chains of these products have been fragmented for various reasons Viz. Intellectual Property (IP), Technology, Critical Raw Material (CRM), Key Raw Material (KRM), Manufacturing Excellence, Consumer orientation at consumption centre.  

As per recent McKinsey report by 2040 Asia would account for 50% of world GDP and 40% of world consumption. We are already seeing shortening of the supply chain as the cost competitiveness of low-cost labour is no more existing in several Asian economy. Similarly shifting of Global value chain is demanding a serious re-look at strategies country need to adopt on their trade policies to encourage value additions.

Considering consumer is The King giving access to domestic market to global traders is always a dicey situation for government to strategize because of various FTAs and now RCEP.

Time has come for Government to ask various industry associations to evaluate each product and market opportunity before deciding on its future for Indian Trade Policy.

Key questions to be asked are:

• Do we have sufficient domestic demand for that product (consider latent demand also)?
• Do we have sufficient domestic production capacity for that product?
• Is this product adhering to Indian and Global quality norms and standards?
• Are domestic players competitive enough to sell in domestic as well as exports market?
• Do we invest in R&D or we have advance technologies to make product world class?
• What support should government give do domestic manufacturers to be relevant and competitive?
• Finally, how much market access should we give to international trader?       

Various industries bodies like FICCI, CII, ASSOCHAM, ICC, CPMA, IMC, BMA etc.. can play facilitators role.

Conclusion:

Key enablers for a successful implementation of AtmaNirbhar Bharat Abhiyan is enabling Indian Players to be globally competitive and for that Government of India needs to offer level playing field to domestic manufacturer. And give Red Carpet Welcome to Global Players offering IP & Technology to fulfill Make In India dream.

Disclaimer: Above views are authors personal views and not of a particular organization.