Boosting consumption important: Experts on PM’s Swadeshi call

New Delhi, Dec 29 (SocialNews.XYZ) With government opening the FDI floodgates to spur growth and investment on one side and appealing to buy Swadeshi products on the other, the industry has termed the two contradictory saying it could potentially affect consumption which is on a downward trend.

"There is an inherent contradiction in positioning of India because when we talk to foreign investors we welcome their presence in India. But, when we talk to Indian audience, we tell them to buy the Indian products. What is currently important is to spur consumption, whether it is foreign or local," said Bangalore-based brand and retail expert Harish Bijoor.

In his Mann Ki Baat address, the last radio address of 2019, Prime Minister Narendra Modi appealed youth to buy local products to promote Swadeshi. He urged people to buy local products for at least the next two to three years till 2022 when India would be celebrating the 75th year of Independence.

"Can we think about buying as many local products as possible?" the Prime Minister said.

He said that Mahatma Gandhi had started a people's movement 100 years ago for adopting Swadeshi products and saw this as a means to become self-reliant. Further, Swadeshi was aimed at promoting the Indian products to bring prosperity for the poor.

"Let us light the lamp of prosperity in the lives of fellow Indians, as per the wishes of beloved Bapu," Modi said.

He talked about the HIMAYAT programme in Jammu, Kashmir and Ladakh which had changed the lives of thousands of youth enabling many of them to be self-employed.

Riaz Thingna, Director, Grant Thornton Advisory Pvt Ltd sees the Prime Minister's appeal for Swadeshi more a political statement than an economic one. He said that it will not have any impact on the foreign investment.

"The need of the hour is boosting consumption and increasing public spending," said Thingna.

Source: IANS