The COVID-19 outbreak has impacted us in more ways than one. It has altered the way we function. What appeared like a manageable situation in the beginning soon took a toll on everything, be it lifestyle, health, or the economy. The tremendous downfall led by the coronavirus pandemic is humongous. Within just a few weeks, there has been an unprecedented breakdown of the economic activities, disruption of the supply chain, and an increase in the unemployment rates. Although the situation is difficult to cope with, the authorities are doing all it can to tackle it effectively. In an effort to deal with the economic crisis, the honourable Prime Minister of India, Mr. Narendra Modi announced the ‘Atmanirbhar Package’ on May 12 wherein Rs. 20 lakh crore were allotted for enhancing liquidity without compromising on the national treasure.
The package was aimed at making India self-reliant in every aspect. Other reforms have also been introduced to make the agricultural ecosystem robust besides real-estate, tax, judiciary, etc. It also heavily stresses upon strengthening the ‘Make In India’ initiative for attracting huge investments.
Among the personalities who appreciated the initiate and boosted it further is Suhel Seth– a renowned columnist and managing partner of the consultancy firm Counselage. He believes that the ‘Make in India’ initiative is an amazing step, which when combined with the re-invention of the traditional brands is going to further boost the Indian economy in the post-COVID-19 times. He calls it a holistic approach to fight the crisis. These reforms are the weapons to undo the uncertainties concerning many business sectors including MSMEs and the cottage industries.
Suhel believes that this is a perfect formula for bringing economic balance as self-reliance will make the country identifiable in the extremely competitive global supply chain while the focus on demand will further boost corporate India. India has always found itself falling short on the demand side expectations. Therefore, the Make in India initiative will boost consumer consumption and local production.
The economy that had been crippled in the initial days of COVID-19 is recovering and the hope for revival lies in the fact that the losses would be recovered and the country will do its best to cope up with the situation.
Suhel Seth also appreciated Shkitkana Das, Governor, RBI for his efforts toward spreading knowledge for improving the economy. He also thinks that the government of India must pay more attention to sentiment-recalibration. He feels that stable times can be achieved by investing in understanding the dynamics of consumer consumption. This can be done when the change is embraced and the fear of uncertainty is accepted. When consumers and suppliers work in collaboration, the ‘Atmanirbhar’ Bharat is easier to achieve.