Highlights – India’s Swadeshi campaign is gaining momentum amid global challenges and US trade policies. Following Prime Minister Modi’s appeal, ministries are working to identify indigenous goods. The Commerce Ministry is identifying 100 imported items that can be banned. Alternatives to raw materials are being explored to boost domestic production.
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Global turmoil and the US’s changing policy on trade tariffs with more than 50 countries have accelerated India’s Swadeshi campaign. Following Prime Minister Narendra Modi’s appeal to adopt indigenous goods, various ministries are working to identify goods that can be manufactured in India.
The Commerce Ministry is already identifying 100 items whose imports can be banned. Raw materials are also being identified for which India can produce domestic alternatives. The Ministry believes that this is a beginning and if it is successful, a bigger campaign of this type can be launched.
India’s imports consistently exceed exports.
India’s imports consistently exceed exports, and India relies heavily on imports for a variety of raw materials, from electronics to pharmaceuticals. Efforts are underway to reduce or prevent imports by implementing quality regulations on hundreds of imported items, encouraging increased domestic production. Restricting the import of small items and increasing their domestic production will boost small entrepreneurs.
Under the Manufacturing Mission, small entrepreneurs can be provided assistance to start production of imported items. According to business experts, various trade policy changes worldwide in the last two to three years have resulted in restrictions on global trade worth more than $800 billion.
Increased focus on the Swadeshi campaign
The United States imposed a 50 percent tariff on Indian exports, while China banned the supply of rare earth magnets to India. Trade experts say that in such times, India will have to change its consumption patterns and increase manufacturing to produce more goods and strengthen their supply chains.
Keeping this in mind, all ministries have been asked to increase focus on the Swadeshi campaign and cooperate in reducing dependence on imports. Financial assistance is being provided to increase the production of rare earth minerals. On Tuesday, Commerce and Industry Minister Piyush Goyal also said at an event of the industrial organization CII that India’s focus is on self-reliance so that the supply chain can be secured.
