Self-reliant India is the vision of our Prime Minister of India Narendra Modi for making India a self-reliant nation. The first mention of this came in the form of the ‘Atmanirbhar Bharata Abhiyan‘ or ‘Self-Reliant India Mission‘ during the announcement of the coronavirus pandemic related economic crises in 2020. This self-reliant policy does not aim to be protectionist in nature, it does not mean cutting off from rest of the world or isolation. Foreign direct investment is welcomed, technology is welcomed. Self-reliant India, translates to being a bigger and more important part of the global economy in his view.

Atmanirbhar Bharat needs both import-substitution and export industrialization.

While discussing the need to disincentivize import of goods, which can be manufactured domestically, the encouragement is on exports.

As per this mission, market economists are divided on import-substitution policies, the success of the  Asian economies, presents a viable case for the strategic use of Import-Substitution Industrialisation (ISI) policies, but only when applied alongside Export-oriented Industrialization (EOI).

Therefore, India needs to maximize its export capacity, and aggressively boost export-driven industries. The government will then be able to use foreign capital generated from these exports for upskilling, technological upgradation and capacity building in sectors covered under its ISI policy.

Parfait Trading and Contracting Pvt. Ltd. company takes on to this Abhyaan initiated by the Indian Government.