PM Modi's call for Atma Nirbhar Bharat provides a unique opportunity for Indian start-ups to locally produce innovative and affordable products.
In May 2020, PM Narendra Modi gave a call for Atma Nirbhar Bharat or a self-reliant India which shall stand on the five pillars of Economy, Infrastructure, Technology, Demand, and a Vibrant Demography. Following this the Finance Minister had announced four tranches for implementation of the programme.
The first tranche contained 16 specific announcements spanning across MSME, NBFC, real estate, power sectors, etc. The second tranche focuses on providing free food grains to migrant workers who do not possess ration cards. The third tranche of the economic relief package focuses on agricultural marketing reforms. The final tranche focuses on the sectors of defence, aviation, power, mineral, atomic and space.
A key takeaway from the announcement by the PM is that the Atma Nirbhar Bharat Abhiyan is a framework for building a self-reliant India, which would be competitive globally. It is also looking to strengthening local manufacturing, building local supply chains, and converting local products into global brands.
Indian start-ups and innovators will play a vital role in the success of the mission. The Atma Nirbhar Bharat Abhiyan is a chance for Indian start-ups to take charge of the innovations for which we are usually dependent on global suppliers. They can lead the way by innovating and bringing to market products and services that are world-class yet affordable. They are quick to spot opportunities in adversities and innovate in limited time and budget to make competitive products. Start-ups in sectors like automation, fin-tech, supply chain, logistics, healthcare, etc. would lead the charge in the mission.