China has been facing boycott across the globe. This boycott has the sole reason for widespread pandemic coronavirus across the world. China made a deadly virus in its laboratories that initially started in Wuhan in December 2019. The virus spread in the nearby countries and ultimately to the whole world. There are 9,060,780 confirmed cases of coronavirus, and 470,939 have died due to the novel illness.
Every country is struggling to fight against this deadly virus. At present, India has 4,25,282 positive cases, and the death toll has reached 13,699. This fatal virus has created a fall in every country’s economy, and everyone is striving to balance their declining economy by 2022.
Who all Boycotted China?
A few weeks ago, we heard that America had banned Chinese airlines. The Trump government legislation banned Chinese companies from raising funds from American investors. American companies like Apple are planning to shed their offices and operations in China and move to other countries. Also, Japan has asked every Japanese company to shift its operations from China and come back to japan or choose any other country to set up its operational units. India has also started boycotting China due to the conflict between the Indian Army and the Chinese Army a few days back. Russia, Indonesia, Australia, and many other countries are planning to boycott Chinese products and services.
China has created an opportunity for India to attract foreign industries and balance its economy!
The present situation can lead to India’s great opportunity to attract these firms, bring investment and employment, and transfer technologies in our nation.
Prime Minister Narendra Modi gave the message of Self-dependent (Aatmanirbhar). According to PM Narendra Modi, we all have to become self-dependent to sustain in this pandemic situation caused by a novel coronavirus. We are looking forward to attracting business companies to set up their warehouses, operational units, and offices. Also, we can attract foreign investments in our country and create employment opportunities as well.
We all know about the decline of the Indian economy due to the pandemic COVID-19 lockdown. Indian companies are striving to attract foreign investments and manage their operations. Indian companies like Reliance Jio has signed a deal with $5.7 billion with Facebook.
Every country is keeping an eye on the Indian market to carry out its operations. Also, other countries are boycotting Chinese services and companies. America and other countries have boycotted zoom, Chinese airlines, and more companies.
India will have to start production and manufacturing units to balance the falling economy and to generate employment in the country.
Make In India Movement can help to balance the Indian economy!
We can get back our economy through Make in India!
Back in 2014, a kind of Swadeshi movement, Make in India, was launched by the Indian government. The campaign covers 25 sectors of the Indian economy to encourage companies to manufacture their products in India and encourage dedicated investments into manufacturing units.
Make in India initiative have three primary objectives as follows:
• It can increase the manufacturing sector’s rate of growth to 12 to 14 percent to enhance the sector’s share within the economy.
• It can create 100 million additional manufacturing jobs within the marketplace by the year 2022.
• Also, to make sure the manufacturing sector’s contribution to GDP is increased by 25% by 2022.
India’s relations with other countries!
The healthy relations with other countries have opened doors for them to return to India and find their business and investments. India is that the world’s third-largest military expenditure, fifth-largest economy by nominal rates, the most prominent armed force, and, therefore, the third-largest economy in terms of buying power parity. India may be a regional power, atomic energy, a nascent global power, and a possible superpower. India features a growing international influence and a prominent voice in global affairs.
From the day Modi-led government came into power, PM Narendra Modi focused on relations of India with other countries. By taking advice from the Ministry of External Affairs, PM changed its policies, visited other countries, signed several trade contracts with other countries, and established healthy and friendly relations with many countries.
Prominent experts of external affairs are assuming that healthy relations can lead to attracting foreign investments.
We can assume that India can become a larger platform for foreign investments due to the widespread COVID-19. If this happens, India will surely balance its declining economy, indulge in technology exchange, and get employment opportunities.