Prime Minister Narendra Modi on his recent address to the nation pitched the idea of ‘Atmanirbhar Bharat’ – a self-reliant India.
This is widely popular now as ‘Vocal For Local’, a model China has adopted for a long time and succeeded in becoming a global power with effective implementation.
One of the main reasons China has become a global power is that they have identified their strength of human resources.
They have efficiently utilized the huge man power to the optimum level as part of their local model. They have provided huge employment to people by giving various exemptions to the companies.
Moreover, they have taken care of things like Income tax on a personal level.
If we have a look at the gross annual income of the Chinese government, the personal income tax constitutes not more than 7-8%. Whereas, it is a staggering 25% in India.
If we keep aside the actual numbers and just consider the percentage, this gives ample hint that they are not targeting the individual income tax like in India.
That has helped the Chinese government to stop the brain drain to a large extent. The majority of the Chinese stayed in their homeland to make money with their skillset.
With all due respect, the Indian government has faltered in this aspect long ago thereby indirectly encouraging brain drain.
China has supported the entrepreneurs with all the possible help from the government’s end so that the companies run in a smooth manner.
But the situation is completely different in India. Either you have to get out of India to make big money or get adjusted to the ‘practical situations’ keeping quiet for everything.
The majority of the luxury items in India are getting imported from other countries. We have forgotten making luxury goods those can be marketable internationally. Now, we have got the caliber, human resources to make this kind of products.
By adopting China’s Vocal For Local model, India can emerge as a super power in a decade. Then we should improve our quality of the products to international standards to go global.
India has many advantages to become a global power in the future.
The 0-35 age group in India is 65%, the highest in the world. India is the number one country that has a huge number of the youngest population in the world. Even China can’t compete with us in this aspect.
With a huge young population at our disposal, we have two great advantages.
We have the youngest workforce in the world and we have the best spending people in the world. Because young people spend more than the aged people and it boosts the economy.
The Vocal For Local concept is certainly a welcome move from the government though it is already late.
Well, we should believe this is something bigger than mere Make In India concept.
