Five-trillion-dollar-economy / Five Trillion Dollar Economy: / Atma Nirbhar: A Path to Self-Reliance
Atma Nirbhar: A Path to Self-Reliance
Introduction: The COVID-19 pandemic has disrupted global supply chains and trade, prompting policymakers in India to revisit the concept of self-reliance. The idea of self-reliance has historical roots in India's economic models, such as the Nehru-Mahalanobis model and the Green Revolution, emphasizing the importance of domestic strength.
Evolution of Self-Reliance:
- Nehru-Mahalanobis Model (1956-61):
- The foundation of industrial growth in India was laid through a self-reliant approach during this period.
- Self-reliance meant building domestic capabilities without heavy reliance on global markets.
- Liberalization and Globalization (1990s):
- Economic reforms in the 1990s shifted the strategy towards globalization and liberalization.
- At that time, self-reliance involved attracting foreign direct investment (FDI) to strengthen the domestic economy.
- Atma Nirbhar Bharat (Post-2020):
- In the wake of the global disruptions caused by the COVID-19 pandemic, Atma Nirbhar Bharat emerged as a contemporary need.
- The new approach blends globalization and FDI while emphasizing the production of goods and services within India for both domestic consumption and exports.
Key Features of Atma Nirbhar Bharat:
- 'Assemble in India' Approach:
- Economic Survey 2019-20 advocated the 'assemble in India' strategy to boost investments, exports, and employment.
- The focus is on creating value-added products within the country.
- Globalization with Indian Primacy:
- Atma Nirbhar Bharat does not reject globalization but seeks to ensure that India plays a larger role in it.
- The emphasis is on contributing significantly to globalization through economies of scale, increased consumption, and expanded exports.
Impact on India's Economic Progress:
- Acceleration Towards $5 Trillion Economy:
- Atma Nirbhar Bharat is seen as a catalyst for India's progress towards a $5 trillion economy.
- By fostering domestic production and export-oriented growth, it aims to enhance India's economic standing.
Conclusion: Atma Nirbhar Bharat represents a contemporary approach to self-reliance, acknowledging the interconnected global economy while ensuring that India actively participates and contributes. Balancing globalization with a focus on domestic strength is expected to drive economic growth and resilience in the face of global uncertainties.
