Atmanirbhar Bharat: Why Local Business Making Proposal to Win Everyone
Atmanirbhar Bharat– Localization has brought the world’s most advanced technology, allowed for the sharing of knowledge, technology transfer, and skills of our people, and got value-added products off the coast of India.
The ‘Make in India’ program has been focused on and adopted by various industries for some time now. However, as businesses worldwide look to break their supply chains, the light has returned to the government’s ‘Atmanirbhar Bharat’ (Self-Reliant India) campaign.
Localization can really bear fruit when industries and governments come together to continue moving forward in this process. For example, various government initiatives, such as the Skill India program, the Ease of Doing policy, the Production Linked Incentive scheme, focus on Investment Direct, etc. By combining government and industry efforts, everyone must win. Below are some of the benefits.
Benefit from Customers
For Indian customers who prefer products made in India, the benefits are doubled:
- Locally made or manufactured products are well suited to their domestic markets as they are developed and tested in local conditions. This can help qualify a product as ‘best-in-class in its category.
- Due to local production, customers (intermediate or end-to-end) can expect faster delivery as import sometimes comes with delays driven by travel times and longer document processes.
- Taxes, levies, and duties on imported goods may result in a local product being competitive in price, allowing the consumer to determine the item’s value.
Benefit from Companies
Local production makes excellent flexibility that allows for cost-effectiveness, quality control, quick turnaround times in production, transportation, delivery, etc. Moreover, local production helps Indian industries grow and develop skills to make unique skill sets. Such scales and variations drive companies to establish.
Localization has been a means of advancing opportunities such as growth growth, foreign exchange, and contracting. Thus, improving the economy, focusing on quality, overseas compliance, R&D and technology investment, and prices that can help accelerate India’s rise to standard. New competitive level and quality.
Benefit from the World
The benefits of localization at the national level are enormous. First, it helps to grow the economy and people’s lives. Second, India has the most significant number of young people in the world in terms of employment. This creates an excellent opportunity for the country to provide workers in its industries.
Employment puts energy in people’s hands, which can also help the economy. Another benefit comes from local/regional development through job setup. Furthermore, localization enables the sharing of information and technology transfer with other countries, lending the home country access to the latest international technology as well. Overall, local practice helps to increase living standards in the country/region.
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Growth in industrialization allows the country to become self-sufficient and sets itself up as a hub for international production. That means local action helps the nation to build its export capacity and strengthen other sources of revenue.
Localization – Benefits the Stationary Transport Industry
According to a 2019 CBRE report – called India 2030 – Exploring the Future, as of 2018, approximately 34% of Indians lived in cities; this figure is expected to increase to 40% by 2030. As cities continue to grow and infrastructure expands, elevators and escalators are a significant part of the story. To support this need for elevators and escalators, players from major industries have turned to strengthen their environment.
For example, the Otis India manufacturing facility in Bengaluru has been operating a transit market in India since its opening in the mid-nineties. In 2020, the center was awarded the gold standard by the Indian Green Building Council (IGBC).
Such localization has brought the world’s most advanced technology, allowed the sharing of knowledge, the transfer of technology, and the skills of our people, and brought value-added products to the Indian coast. This has also put India at the international level as companies find talent here to develop new developments in the global market.
With great government support and industrial efforts, India will reap many benefits of localization in the years to come.
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