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Indian Economy
Atma Nirbhar Bharat Abhiyan: Challenges
21 May 2020 8 min read
Tags: GS Paper - 3Government Policies & InterventionsMobilization of Resources
This article is based on “Atmanirbhar Bharat Abhiyaan lays strong foundations for raising our per capita GDP” which was published in the Indian Express on 18/05/2020. It talks about several challenges pertaining to Atma Nirbhar Bharat Abhiyan.
Recently, the government announced an economic stimulus package of Rs 20 lakh crore and big-bang systemic reforms under the Atma Nirbhar Bharat Abhiyan (self-reliant India).
The intended objective of this plan is two-fold. First, interim measures such as liquidity infusion and direct cash transfers for the poor will work as shock absorbers for those in acute stress.
The second, long-term reforms in growth-critical sectors to make them globally competitive and attractive.
Together, these steps may revive the economic activity, impacted by Covid-19 pandemic and create new opportunities for growth in sectors like agriculture, micro, small and medium enterprises (MSMEs), power, coal and mining, defence and aviation,etc.
However, there are several challenges that are needed to be addressed in order to fulfill the vision of this plan.
Impact of this Stimulus Package
Primary Sector: The measures (reforms to amend ECA, APMC, Contract framing, etc) announced for the agricultural and allied sectors are particularly transformative.
These reforms are steps towards the One Nation One Market objective and help India become the food factory of the world.
These would finally help in achieving the goal of a self-sustainable rural economy.
Also, the MGNREGA infusion of Rs 40,000 crore may help in alleviating the distress of migrants when they return to their villages.
Secondary Sector: Given the importance of MSMEs for Indian economy, the Rs 3 lakh crore collateral-free loan facility for MSMEs under the package will help this finance-starved sector and thereby provide a kickstart to the dismal state of the economy.
Also, as the MSME sector is the second largest employment generating sector in India, this step will help to sustain the labour intensive industries and thereby help in leveraging India’s comparative advantage.
Additionally, limiting imports of weapons and increasing the limit of foreign direct investment in defence from 49% to 74% will give a much-needed boost to the production in the Ordnance Factory Board, while reducing India’s huge defence import bill.
Tertiary Sector: The government has adopted a balanced approach in addressing concerns across sectors. For example:
The newly launched PM e-Vidya programme for multi-mode access to digital online education provides a uniform learning platform for the whole nation, which shall enable schools and universities to stream courses online without further loss of teaching hours.