India set to promote local business to increase the global market share

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India is seeking to reduce china’s monopoly presence in the global market and to achieve greater growth globally. As a part of Atma Nirbhar Bharat, India’s government planning to promote local businesses to boost its market share. The aim is to learn from the current  India- china border issues and the crisis caused by Covid-19 and make it as an opportunity to achieve self-sufficiency in all the sectors.

Atmanirbhar Bharat self-reliant India is the vision of the Prime Minister of India Narendra Modi of making India a self-reliant nation. The first mention of this came in the form of the ‘Atmanirbhar Bharata Abhiyan’ or ‘Self-Reliant India Mission’ during the announcement of the coronavirus pandemic related economic package on 12 May 2020. All the initiatives are taken by the Government of India to promote local business all come under this Atmanirbhar project. Currently, China enjoys the majority share of the global market. To promote exports and to reduce imports government plans certain schemes to promote the manufacturing of specific products. India is having an open economy and it is open for foreign direct investment to boost local business. India has an opportunity to acquire the global market currently acquired by China. To use that opportunity Central government recently introduced some schemes such as production linked incentives for manufacturing of electronics, medical devices, and pharmaceutical products. A developing country like India Micro small medium enterprises are the backbone of the economy. So this initiative will strengthen the MSME sector as well as the economy.

India has good potential in the manufacturing sector and has well educated and cheaper labor. It will attract more foreign direct investments and the creation of joint ventures in different sectors will boost the economy. India’s biggest dream to become a self -reliant country in all the areas can be achieved through only a step by step process. China is the market player and the majority of the market share held by them. The promotion of local businesses will help in strengthening the local economy and it creates more jobs.

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