ATMANIRBHAR BHARAT-a need of the hour

 The indian economy which was enslaved under very narrow policies started suffering in mid 80’s when the balance of trade tilted dangerously negative leading to almost unmanageable Fiscal deficits. By 1991 India, then under heavy IMF loan, was on the verge of default. To save the blushes the country even  had to bail out its gold reserves to IMF.

the country under its new FM Dr Manmohan Singh introduced slew of economic reforms in late 1991 which was based on Liberalisation, Deregulation and Globalisation. In order to counter the precarious trade imbalances the government opened the market for investment by Foreign Direct investors. Slowly india started recovering and after 3 decades it became an  economic giant.

As years passed by economic trades between india and other countries widened. One of the countries which raised its head in Trade with India in the new millennium has been China. The trade mostly relates to bulk drugs and electric and electronic machineries and their components. By the end of 2018-19 india’s trade with China stood at around 84 billion dollars with imports at 53 billion dollars.

The scenario changed after May this year when China started showing its expansionist claws and engaged in its aggression at Ladakh with an intention to unilaterally change the LAC. The scuffle that ensued at Galwan Valley saw our jawans getting martyred on 15th June while a huge number of chinese troops were also killed.

Soon after the Galwan incident the Prime Minister in his address to the nation called for *ATMANIRBHAR BHARAT*. Without naming any country the PM called for a policy where India would make everything possible in-house using its own resources, skills and manpower. The highlight of his speech was VOCAL FOR LOCAL where every indian will not only praise and use homemade goods and articles but also will try help government export the same. The government is working relentlessly in that direction especially to boost MSMEs.  It is no secret that in order to restrict China’s ill-thought desires in controlling economies of other countries a country like india must free itself from its over-dependence on imports. An Atmanirbhar Bharat is perhaps the only resort in achieving that distant objective. 

A beginning has been done by the country; a number of chinese apps has since been banned infilcting a sizeable economic injury to China. The people of this country have stood equally to the challenge and B2C imports have started shrinking.

It will be monumental task for India to curb imports in other sectors like medicines and machineries anytime soon but a step small but sure and firm has been taken. A steely resolve coupled with stringent fiscal discipline ably guided by government policies and those by RBI can surely make the dream of Atmanirbhar Bharat a reality. Time we must act.