The coronavirus outbreak has entirely shattered the way the country functions. What seemed like a not-so-grave situation just a few months back has taken a toll on everything – health, lifestyle, and needless to say, the economy. Since the economic liberalization, India has not witnessed such a downfall. With unemployment rates soaring high and supply chains getting disrupted, COVID-19 pandemic has resulted in an unprecedented breakdown of the economic activities in just a few weeks.
While the situation seems irrepressible on the surface, the authorities are making resilient efforts. To combat the economic crisis, the honourable Prime Minister of India, Narendra Modi on May 12, 2020, announced ‘Atmanirbhar Package’ of Rs. 20 lakh crore to enhance liquidity while not compromising with the national treasure.
The stimulus package greatly stresses upon the idea of self-reliant India and other audacious reforms pertaining to a robust agricultural ecosystem besides tax, judiciary and all kinds of financial systems. It also emphasizes on further boosting the ‘Make in India’ initiative to attract huge investments.
Suhel Seth, a renowned columnist and the managing partner of the consultancy firm Counselage India believes in the power of ‘Make in India’. According to him, the ‘Make in India’ initiative along with the re-invention of the traditional brands is going to boost India’s economy.
With a holistic approach to fighting the crisis, the economic reforms as proposed by the Government of India are coming together to undo the uncertainties relevant to several business sectors including the cottage industries and MSMEs that, in turn, will positively impact the working and the middle class.
While self-reliance will make India recognisable in the super-competitive global supply chain as it’s perceived now, the focus on demand will further boost the corporate India, perfecting the economic balance, Suhel Seth suggested. India has always fallen short of the demand side expectations, inviting tremendous economic collapses that could have been possibly avoided. The need of the hour is to face consumer realities and encourage consumer consumption, Suhel Seth further added.
Suhel Seth has further praised the efforts of Shaktikanta Das, Governor, RBI, for enthusing erudition that goes a long way in determining the success of an economy. In his opinion, India will be able to witness a stable economy in the coming times if enough energy is invested in understanding the dynamics of consumer consumption that encourages them to spend. And, this is possible only when their minds will eradicate the fear of uncertainty and welcome unprecedented happiness.
COVID-19 health crisis followed by the nationwide lockdown crippled the economy to the core, and the hopes for revival lies in the fact that India will set a prominent example by reversing the losses.
The ‘aatmnirbhar’ India is not a faraway dream if consumers and suppliers work in collaboration and uplift each other in the process!