Development Of Self-Reliant Community: Uplifting The Economy

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Development Of Self-Reliant Community: Uplifting…

Apr72023

The COVID-19 pandemic has taken a significant toll on economies across the world, and India is no exception. In response to the crisis, the Indian government has introduced a new concept of a ‘self-reliant’ India, aimed at reviving the country’s economy and making it self-sufficient. The concept was introduced by the Indian Prime Minister, Shri Narendra Modi, in his speech to the nation during the lockdown. According to the Prime Minister, the self-reliant India would be based on five pillars- Economic, Infrastructure, System, Demography, and Demand.

The first and foremost pillar of the ‘self-reliant’ India concept is economic development. It is believed that if India can boost its economy, it can become self-sufficient in the long run. Infrastructure development is the second pillar, which is crucial for the country’s growth. The third pillar is the system, which means the government’s efficiency, and the fourth pillar is demography, which refers to the country’s population. The final pillar is demand, which means the government’s ability to create a demand-driven economy.

By becoming ‘self-reliant,’ the country can create a positive psychology among the people and reduce their dependence on others. When people rely too much on external influences such as government agencies and non-governmental organizations, they surrender control of their means and, more importantly, their future. Therefore, it is essential to become ‘self-reliant’ for every individual as it would help them run a sustainable economy for themselves eventually.

To achieve the goal of a ‘self-reliant’ India, the government has introduced several fiscal measures, including the Aatmnirbhar Bharat package, which is about 10 percent of India’s GDP. The package will provide immediate support to society’s needy sections and boost the country’s development journey in 2020. For every sector to become ‘self-reliant,’ the government has divided the ‘Aatmnirbhar Package‘ into five different tranches. The first tranche focuses on getting back to work, i.e., facilitating employees and employers and businesses to get back to production and workers back to profitable employment. It also plans to strengthen the NBFCs, HFCs, Microfinance, and Power sector.

The second tranche focuses on the poor, including migrant workers, street hawkers, and farmers. The government will provide additional free food grains and chana for two months to migrant workers. It also plans to provide relief to small businesses under MUDRA-Shishu loans by providing interest subvention of two percent for one-time payees for 12 months. The next three tranches focus on the revival and development of agriculture, employment generation, healthcare sector, education sector, ease of doing business or corporates, etc.

In summary, the concept of a ‘self-reliant’ India is aimed at reviving the country’s economy and making it self-sufficient. The government has introduced several fiscal measures to achieve this goal, including the Aatmnirbhar Bharat package. By becoming ‘self-reliant,’ the country can create a positive psychology among the people and reduce their dependence on external influences.