RIP Made in India
The Stagnant Industrial Scenario
The increase in the net domestic value in the third quarter of the last year remained much lower than the normal statistics. The limited economic expansion has created barely enough employment opportunities for the professionals. The annual number of job openings in the corporate sector is inadequate to absorb the increasingly qualified professionals. With the Federation of Indian Chamber of Commerce predicting a population explosion in the coming two decades, the circumstances are worsened further. The recession affected economy has resulted in the closing down of several multinationals. To add to the woes, the orthodox labor laws have made the organizations unwilling to hire permanent employees. The made in India tag has been endangered today.
Impact in Other Sectors
The limited agricultural growth is incapable of feeding the large population. The total area available for farming purposes has also come to a standstill. Apart from a few crops and grains, there is not much that India can claim as its own.
Various services like tourism, finance and trading do not show signs of prosperity. Besides, mass employment sources like the retail sectors are also becoming insufficient to fix the issue of unemployment. The introduction of FDI is therefore absolutely crucial to thrive on the retail market. This implies that the Indian brands are failing to make a substantial impact in today’s market. Again the made in India factor is at a risk.
The falling economy has been one of the consequences of the scarcity in the made in India label. The dropping of the 10 basis points by the Reserve Bank of India has resulted in the liquidation of the assets thereby enhancing market operations. The standardized benchmark fluctuates at around 8.68 per cent. The Indian currency partially rose a little against its 62.44 versus the dollar. The RBI came up with flexible norms to help the borrowing of overseas funds. The maturity tenure of the foreign currency had been relaxed. This plan was intended to support the ailing rupee.