Let me make it clear that I do not propagate state protectionism and or harbor any failed concept of communism in my mind. I am a free market supporter, lover of quality products which are produced by any company of the world. We should buy the best product as it creates a healthy competition and leads to innovation.
There is absolutely nothing in this world which has all the negative traits or all the positive traits. Foreign products especially those produced by established MNCs, can hurt small domestic companies. In a country like India which got freedom just 70 years back and till just twenty years back, was being considered a poor nation, such MNCs can stop it to have its own great businesses generating jobs for Indians. Though in today’s world of globalization no country can stop money going out of the country but a deficit here hurts the economy.
On the other hand, not allowing products of MNCs in India can cut us from what is happening globally. Consequently Indian customers might get deprived of the best products and best technologies of the world. Moreover, Indian companies would miss highly required tough healthy competition making their products noncompetitive on the global platform.
So what is the solution? Which strategy would be the best?
In my opinion a scheme like “Make in India” is the best solution to such problem. A campaign through which customers can get the best products of the world, ensuring that people of India get job, infrastructure of India improves, GDP goes up, FDI increases along with deficit (if there is one) does not hurt economy much.
I cannot stop myself from using amazing features of I-phone but it’s soothing to buy one set which was actually manufactured in some Industrial part of Bengaluru with the hands of some Mr. Rao, Banerjee or Nair under the supervision of some Mr Aiyyar, Gupta or Arora.