What's your take on PM Modi's latest message on Aatmanirbharta "Self-Reliance"?
Is this going to catapult Indian economy on top?
We know that we are in middle of a crisis but what is being done now, had it been done in the past few years, wouldn't it have been better?
Make in India, Startup India, Digitak India were all initiatives but then why did not they bore fruitful results.
It has always been said of Modi Government that their intention is always good but the implementation is not?
@email@example.com I am with you on that. Though I am not an economist, I have tried to bring the best as per my knowledge.
Self Reliance initiative is not a latest trend to motivate and influence people to produce and use our own products, there were several similar programmes introduced earlier like you specified in your question itslef. We are certain that economy is plummeting and there is no import-export to be seen in near future, which means we are left with no other option except Self-Reliance.
For sure, this is not going to be used as a catpult to hit the top, but it can stabilize the plummeting one. All the sectors got a huge blow, so currently the need is to paddle the economy and bring it back in motion.
Also I do not have much knowledge about economy but still I have collated some facts and figures. As the Indian economy is in contracting phase, production is no where to be seen which means GVA will reduce significantly. There are some which will be affected badly and they are-
1. Individuals are cutting down thier expenditure.
2. Observing the falling demands of inidviduals, companies are postponing their investments.
3. The government earnings too has taken a hit. This means if the government has to maintain it's fiscal deficit (revenue-expenditure), it has to cut it's expenditure for the whole year.
4. The only option left was revenue from exports and imports, which too is affected as the global economy is too falling.
At present, there is no sure-shot way of knowing what will be the final level of government spending at the end of this financial year. Most calculations suggest that — far from the promised level of 10% of the GDP — the actual government expenditure in the Atmanirbhar Bharat Abhiyan is just 1% of GDP. And we still don’t know if this 1% (of GDP) expenditure is over and above the Budgeted expenditure or will it be funded by expenditure cuts elsewhere.
It is clear then that Atmanirbhar Bharat Abhiyan economic package is likely to do little for India’s economic growth in this financial year, and that is why it is being criticised.