It took us a Pandemic to realize the value of ‘Made in India’ products! Yes, you read it right!
During the First wave of the Pandemic, companies realized how troublesome importing goods and services is when the whole nation was on lockdown. Depending on import, especially on the goods from China (the country origin of the COVID-19 virus), it can only lead to delay and waste of time & money.
In the industry where every minute counts, we need to avoid importing goods and services and focus on investing in or opting for ‘Made in India’ Products.
To understand how COVID affected the ‘Made in India’ initiative, let’s divide the Indian business sector’s growth into two stages: Growth during lockdown due to COVID19 and Post Lockdown.
Growth during lockdown due to COVID19:
When the first few cases of COVID19 emerged in India across various states, a complete nationwide lockdown was issued by the government to control the deadly virus strain. As multiple sectors had to stop their operations completely and send their employees home for their safety, it led to markets crash across the globe, and the entire economy came to a standstill. This resulted in companies shifting to a remote working lifestyle to restart the economy. Companies worldwide even cut down the workforce to cover up the losses that occurred due to the lockdown. And it is a known fact that it might take years to recover from the incurred loss.
Because of this havoc, transportation was also terminated for a couple of months, and no products/resources were being shipped to the required destination, except emergency medical equipment. This restriction led to the Indian companies halting their productions as most of the components were being procured from foreign countries. India has been procuring various types of products from China, and they have a firm footing in the Indian market in terms of providing components at a competitive price.
The restriction of transportation, or goods & services, forced Indian companies to find substitute products in the Indian market, a ‘Made in India’ product. While trying to find replacements, Indian companies realized the power our country has. Several MSMEs and start-ups in the Indian market provided the same components at the same price but with better and reliable quality. This realization also led to the Indian citizens boycotting Chinese products while switching to products manufactured by Indian brands.
Post lockdown period:
Several companies resumed working post the lockdown, from both office and home, while taking precautionary steps to ensure safety. It took a pandemic for the Indian companies to realize that we also have the necessary resources to provide companies with the best quality products. To resume the company’s services, various organizations started reaching out to MSMEs and start-ups who have the resources that will help in restarting the economy.
Finding a suitable substitute helps companies understand that we have various unknown yet newfound opportunities across different sectors in India.
New Found Opportunities:
Availability of raw materials:
India is one of the biggest exporters of minerals and chemicals. We have all kinds of resources available in our country. These resources will help companies create a network with the local businesses across India, and this initiative will play a vital role in the ‘Make in India’ industry.
New Age for Manufacturing Industry:
Even though we keep doubting the reliability of Chinese products, we still keep purchasing them or procuring them instead of buying Indian resources. With COVID and India banning various Chinese companies, apps and products, it is time for the Indian manufacturers to rise. This opportunity will allow Indian manufacturers to showcase their products & technology and help the Indian business sector realize what they have been missing.
People as resources:
India has the youngest workforce population available with a diverse skillset when compared with the Chinese workforce. With more young people searching for jobs in India, we will have an opportunity to increase the economy’s growth rate by hiring people. With the right technology, we can generate skills at the right platform, including remote training.
Rise of Indian Business Sector:
COVID might be a blessing in disguise for Indian businesses. The exit of Chinese manufacturers from the Indian market helped in increasing job opportunities in India. It will give a chance to the Indian manufacturers to showcase their products and services. Once the COVID subsides, we will see new start-ups and MSMEs emerging with the help of the ‘Make in India’, ‘Atmanirbhar’ and ‘Vocal for Local’ initiatives.
We can already see various substitute apps and services for existing Chinese businesses in the Indian market. For example, when PUBG was banned in India, an Indian gaming company came up with FAU-G, which also showed patriotism towards the Indian Armed Forces. Similarly, various substitute apps, services and companies are being launched to take over the Chinese mania in the upcoming years.
With the ‘Make in India’ scheme launched in 2014, India recorded an all-time-high of Rs. 7345 crores in FDI inflow in the financial year 2019-20. Let’s see how the future unfolds for the initiative!
