Industry 4.0 acts as a pertinent yet probable solution for the MSME to survive under the current scenario and road ahead. The supply and demand dynamics have changed radically owing to Covid-19. The Indian MSME are running short out of their reserves.
What comes for economy, post this lockdown? Will the unemployment still be surging to high levels or a bear market continue falling or the relief finally been laid down by the government will show some results?
Bureaucratic hurdles have often been blamed for its slow and reactive attitude. But as a sprawling, developing country like India, China seems to have conquered that part very well. In 1980, China recognized the vitality of the role of bureaucrats in bolstering their economy.
Now India sets a goal to be Atma-Nirbhar or Self Reliant, but one must be cognizant that in that accord while India has shown a record of economic growth, little has been done in the name of development.
Innovation in manufacturing will enable us to produce world-class products which apart from only being used in India may be exported and will bring immense benefits. R&D expenditure is imperative in any country. It is the only way we can walk our way to the future that holds unlimited potential!
India’s ambitious target of becoming USD 5 trillion economy has been vouched for in government’s budget and speeches. Deviating from the Nehruvian economic model, the government has entrepreneurial spirit to bring growth.
On 22nd May, the Prime Minister declared the campaign to become “Atmanirbhar” (self-reliant) amidst the anti-Chinese sentiments. Emotions of the public went up, and suddenly everyone started feeling themselves the designer of the INDEPENDENT INDIA.
An important positive factor for India is its large and fast-growing middle class. In my understanding, this section of population could become a force to reckon with, if the right training and opportunities are presented to the middle-class youth.
Robust and resilient growth can take us to the path of $5 Trillion economy that our Prime Minister Narendra Modi has envisioned. We don’t want a $5 Trillion economy we want a sustainable $5 Trillion Atmanirbhar Bharat.