We will explore the country’s opinions and current views on the ‘AatmaNirbhar’ agenda in this blog.
The country is attempting to achieve self-sufficiency.
Our country was attacked by the global epidemic in March 2020, and we’ve been in shambles ever since because of the economic and health consequences. The pandemic caused several countries to go into lockdown, which had a direct impact on the global economy. In the global market, the novel Covid-19 has a massive impact. Countries began to place an excessive amount of reliance on trading partners, resulting in trade imbalances and international market disputes. Our country is currently engaged in the following multi-pronged assault —
- To regain control of the collapsing economy, which is currently growing at less than 3%.
- To defend its border against Chinese forces massing near the Line of Actual Control (LAC) and in the Ladakh area.
- Fight the pandemic and keep the country’s citizens safe.
India is one of the top three countries affected by the pandemic, and lockdowns have been imposed and continue to be imposed to keep the situation under control. Global supply chains were disrupted as a result of this. The Indian export-import business, which had previously been in a downward spiral, has recently stabilized. The Nifty, benchmark indices such as the S& P 500, and the purchasing managers’ index have all recovered. Although there has been significant progress, the expectation of complete recovery may be premature. The Indian value-added business has yet to regain its footing, resulting in a W-shaped recovery. The current Foreign Trade strategy of
our country has turned its focus to exports, and our exporters rely significantly on government incentives and subsidies.
In October of this year, the World Trade Organization ruled that India’s export program breaches the key tenets of trade regulations, prompting our commerce minister, Mr. Piyush Goyal, to urge that our exporters become self-sufficient and stop relying on foreign subsidies. Our honourable Prime Minister, Mr. Narendra Modi, has stated in several addresses that he is willing to promote ‘AatmaNirbhar Bharat’ to propel India towards self-reliance. Given the current situation, the Indian government has no choice but to continue with the current program. Even though the global pandemic has caused economic hardship and uncertainty, it has also provided an opportunity for the country. People now are panic buying, resulting in a surge in product demand. A new array has been created, which has resulted in the restarting of problematic sectors.