India is a net importer of goods and services and that keeps our currency under pressure. In 1900, the Dollar to rupee rate was 1:1, which means one dollar was equivalent to one rupee. So, our currency had good value in those days. Now we are at $1= Rs 76. If we can really get rupee to appreciate by our earnest deeds and actions, we would be a great nation once again. Can we Indians understand and contribute something to the nation just by accepting ‘Swadeshi’ as a first option. What do I mean by first option?
|Bajaj, Hero, TVS, Tata Motors, M&M, Eicher, Force Motors
|Maruti, Honda, Toyota, Hyundai
|ITC, Dabur, Hipolin, Godrej, Patanjali, Marico, Amul, Brittania, Bajaj Consumer
|Hindustan Unilever, Nestle, Cadbury’s, Gillette, P&G
|Petrol, Diesel, Lubricant, Gas
|IOC, HPCL, BPCL, Reliance
|Essar (Russian Now), Shell, Castrol
|Paragon, Action, Liberty, Red Tape
|Nike, Adidas, Reebok
|All PSU, HDFCBank, KotakBank, ICICIBank, AxisBank
|Standard Chartard Bank, CitiBank
Are products from these local companies acceptable and near to the quality of MNCs ? If the answer is yes, we should avoid buying products of multi national companies. We can save lot of foreign exchange directly or indirectly by buying Indian products. If the quality of Indian products is just 5% inferior to Foreign players, can we not support our Indian players and help the nation ? We need to ask a simple question as to whether we can shift our preferences from MNCs to domestic players and help the nation save valuable foreign exchange. The same story is also true for Textile Brands, Paper, Cigarettes, Jewellery, Real Estate, Banking, Watches etc. Of course, we can understand the purchase of consumer electronics like LEDs, Computers, ,Mobiles, Ipads etc, which are not manufactured in India or only assembled in India. In cases where we do not have any other option, the purchase of foreign products can be justified. We do import lot of crude oil from across the World and that is justified as we do not have great reserves of crude oil that can be explored economically. So, in some cases, when out of options, we have to purchase these foreign goods, but in other cases we always must choose ‘Indian’ products produced by Indians as our first option.
We can understand that sometimes not always, Indian products are about 5-10% inferior than foreign products, but can we not sacrifice a little comfort to help our nation get better placed globally. If we can reduce our imports and increase our exports, our currency will appreciate sooner than later. With crude oil prices looking to remain lower for a sustainable period of time, our efforts in further saving valuable foreign exchange by replacing our purchase basket from MNC to Indian companies and curbing our desire for Gold [important import item], will result in long term appreciation of rupee and that will also indirectly increase the wealth of every Indian.
Soldier, Doctor, Policeman, Paramedical Person etc support the nation in such a Pandemic situation. Let us all start using Indian products and contribute positively in building a strong, prosperous and wealthy India.