After the announcement of 'atmanirbhar' package ( Rs. 20 lac crore ) by our PM to provide stimulus to the economy, discussions have started among the masses about achieving the status of atmanirbhar.
What is atmanirbhar & why is it necessary?
In layman's term 'atmanirbhar' means becoming self-reliant in order to decrease the dependency on other countries. COVID-19 pandemic has hit Indian economy hard, and recent report of Goldman Sachs has predicted the growth rate of Q1 of FY2021 to be 45% while overall growth rate of FY 2021 to be -5%. These figures are enough to make us think hard about our economy.
How can we become atmanirbhar?
- Our service sector is doing good which constitutes 61% of overall output in our GDP. While the agriculture and manufacturing sector is still struggling to gear up. Agriculture which employs 45% of the total workforce contributes only 15% in the GDP, while the manufacturing sector is struggling to gain momentum.
- We can support marginal farmers not just by giving subsidy but by accepting and promoting a scientific approach to raise the production with minimal input and thus, making them able to repay loans which will directly improve the balance sheet of banks.
- We should increase our expenditure on Research & Development in the agricultural and manufacturing sector.
- Problem of a skilled workforce should be taken into consideration
- We shall promote local vendors by listing their products on e-marketplaces.
- Startups working in these two sectors should be promoted by providing initial seed funding and increasing ease of doing business.
Efforts have started showing results in India, where production of PPE kits was almost absent and now has becomes the world's second largest producer of PPE kits after China. If India maintains such pace in the other sectors too, it could cut a hefty fiscal deficit of around 176$ Billion which will help the country’s economic position. However, we are living in the age of globalization where complete self reliance is not possible but, with an attempt to become ‘atmanirbhar’ we can stand as a headstrong nation in the world market.