With the increasing global economic and political isolation of China in the post COVID world, India stands to benefit significantly with many large global brands looking to move manufacturing out of China. India is not an automatic choice any longer with countries including Vietnam, Bangladesh, etc. all vying for this shift in business. The second trend worth noting is that the Indian government has also taken a stand towards banning the imports of multiple Chinese goods, with many online shopping portals being asked to display the country of origin of each product sold to ensure no bypassing of the new guidelines. These two distinct global and local trends are turning out to be a massive opportunity for India and has provided a renewed impetus to the Government’s long standing vision of ‘Make in India’ or what is now also referred to as the “Atmanirbhar Bharat Abhiyaan”. We are all aware about Apple considering the shifting of a significant part of its mobile phone production from China to India. Isn’t that huge for the Indian economy?
India imports finished products from China including electrical equipment, heavy machinery, pharmaceuticals, chemicals etc. With India reducing its dependency on Chinese imports which amounted to 65.1 Billion Dollars in fiscal 2020, it now has huge opportunity for Indian manufacturers to fill the void.
The MSME sector is the most vibrant sector that contributes to about 40 per cent to the GDP of India. MSME is the core segment for the Government’s Make in India campaign with an idea to –
– Build a sustainable ecosystem
– Facilitate investment in local Manufacturing
– Generate employment opportunities
– Encourage skill development and innovation
The current economic outlook of India is challenging as India is still struggling to come out of the national lockdown. Post the COVID 19 pandemic, it is going to become imperative to leverage on Make in India and help the MSME segment flourish. But with positive outcomes and opportunities there are certain challenges that are faced by the MSME’s in India. The working capital requirements of MSME’s is a concern which makes it difficult for them to sustain in this existing cut-throat competition. Also, considering the current Pandemic, these industries are affected on a larger scale and are struggling to stay afloat. How do we protect the driving force of our Nation?
At Dhanvarsha our focus is to empower these MSME’s who drive our nation and who deserve to grow but cannot due to lack of funds. Our vision runs in sync with the vision of our Government to protect these MSME’s. With our Atmanirbhar Bharat Business Loans, we aim to provide timely, affordable and sustainable access to credit to the country’s large underserved MSME segment, amplify their presence across India and make a positive national impact.
Today with COVID 19, the need of the hour is to protect our home-grown industries, help them flourish and get the Indian economy back on track. We believe in the concept of self-reliant India and are here to make it possible.
Let’s support the Make in India Campaign which can help boost our economy and get us closer to the dream of an Atmanirbhar Bharat.