PM Modi pushes for an Aatmanirbhar Bharat and also an export led future

‘Make for the world’ alongside ‘Make in India’, Prime Minister Narendra Modi raised this motto, saying that many nations are watching India as a centre for their supply-chain operations. “The world is interconnected and interdependent now. Therefore, India’s contribution to the global financial system should rise,” the PM said. “This is India’s duty towards global development. For this to happen, India would have to become self-reliant.” PM Modi emphasised Aatmanirbhar Bharat (self-reliant India) during his seventh speech, addressing the nation from the ramparts of the historic Red Fort to mark India’s Independence Day.

He explained that self-reliance (Aatmanirbhar Bharat) has the potential to spread across diverse sectors such as space technology, agriculture, as well as health and tourism. “The benefits would ultimately reach both India and other nations,” the PM said. Modi also stressed the need to reduce the country’s dependence on finished foreign goods. “How long we will keep sending raw materials aboard and bringing back finished goods? We need to move forward strongly on the path of value addition.” Modi said. The PM also pointed out that local goods and services should be pushed by all citizens, ‘Vocal for Local’. He explained that if locally produced or manufactured goods are not praised, they will not get the opportunity to improve and become better.

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India took the path of self-reliance (Aatmanirbhar Bharat) due to the ongoing COVID-19 pandemic, which has impacted economies across the world, and the growing military tensions with China. After the Galwan Valley standoff, the Government took the cue and placed several measures and placed tighter restrictions on the import of Chinese goods.

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Moreover, the Government plans to undertake a series of non-tariff barriers because abruptly raising import duties would hurt domestic manufacturers that depend heavily on imports. Sources say restrictions on imports would be placed through the establishment of product standards, incentives for domestic manufacturing, and discussions with business stakeholders to source from a broader range of nations progressively.