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At the beginning of a new year, many people resolve to make a positive change. Whether it’s a shift in lifestyle or small daily habits, there is always a tendency to do something new. If, this year, we resolve to use more indigenous (swadeshi) products, the benefits will extend far beyond ourselves—impacting various sections of society and contributing to India’s economic progress. Let us, therefore, initiate this comprehensive and far-reaching resolution within our own families and ensure our meaningful participation in the ‘Vocal for Local’ mission of an Atmanirbhar Bharat (Self-Reliant India).

Swadeshi 2.0

For many, a renewed commitment to ‘swadeshi’ after the globalization policies of 1991 may seem like a reverse journey from ‘global to local’. However, against the backdrop of the current India-US tariff wars and overall global geopolitical tensions, the mantra of ‘Vocal for Local’ as Swadeshi 2.0 appears essential to make our economy more resilient. Reducing reliance on other countries and making our economy self-sufficient is a major and strategic economic decision.

Because of the ‘Vocal for Local’ policy, dependence on imports has decreased and exports have increased in key sectors such as defense, electronics, and textiles. These changes have secured jobs for over 280 million people in the MSME sector and created new employment opportunities.

Following the recent GST Savings Festival during Diwali, the record 8.2% growth in our national GDP last quarter highlights how purchases by middle-class families can have a positive impact on the economy. Therefore, if more families commit to buying indigenous products, there will certainly be a broader impact, benefiting multiple sectors and strata of society. This resolution to support ‘swadeshi’ will empower countless local manufacturers, vendors, artisans, and small business owners who suffered substantial losses during the pandemic.

‘Vocal for Local’ – The Policy

The benefits of the government’s strategic decisions over the past few years can be seen in key sectors. If these policies are continued and implemented more effectively, national income will definitely rise and the objective of Atmanirbhar Bharat can be achieved. The core of this policy is to produce local products that meet global standards and to ensure they access global markets. As a result, indigenous products are not only dominating the domestic market but also strengthening India’s position in the global supply chain.

Schemes like ‘Production Linked Incentive’ (PLI) have resulted in significant investments in industrial infrastructure. Foreign companies have set up factories in India, facilitating technology transfer and the development of the local supply chain.

To further strengthen the ‘Vocal for Local’ campaign, NITI Aayog has launched the ‘Aakanksha’ initiative, which has mapped 500 local products. Furthermore, the Government e-Marketplace is giving direct access to national markets for products from remote areas. This policy is helping to build ‘Brand India’, and local products are now reaching a global audience via digital platforms. 

The Economic Impact of ‘Vocal for Local’

Swadeshi 2.0 has had a significant economic impact on India’s defense sector. Once the world’s largest arms importer, India is now an important exporter. Indigenous manufacturing in the defense sector has not only strengthened national security but also generated high-tech jobs.

Mobile phone manufacturing is a major success of the ‘Vocal for Local’ initiative. In the past decade, the value of mobile phone production has grown from ₹18,000 crore to ₹5.45 lakh crore—an astounding 28-fold increase.

The revival of the Indian toy industry is another exemplary outcome of the swadeshi movement, as the industry recovers from the onslaught of cheap Chinese toys.

The Khadi and Village Industries sector, the backbone of the rural economy, is also witnessing a resurgence. Khadi has transformed from being just political attire to a ‘fashion statement’. The turnover of the Khadi and Village Industries Commission exceeded ₹1.55 lakh crore in 2023–24. In the last decade, Khadi sales have increased by 561%.

There is also a target to manufacture entirely indigenous solar cells by 2028, while the agriculture sector holds significant potential for leading the way towards self-reliance.

Overall, these policies are seen to foster local job creation.

The ‘Multiplier’ Effect of the Swadeshi Resolution

It is natural to wonder, “What difference does it make if I buy just one local product?” But this very commitment can work wonders by creating a ‘multiplier’ effect in the economy, generating employment for many. The unorganized sector, which is substantial in our economy, will also benefit in this way. For instance, by consciously supporting local producers, vendors, and artisans through our purchases or festival celebrations, we ensure they have an income, which in turn supports their employees. These recipients, in turn, spend on various goods and services, creating a widespread ‘multiplier’ impact that boosts the entire economy.

Our Family’s ‘Swadeshi’ Resolution

Let us begin this new year with a swadeshi resolution, starting in our own families. Let us insist on using as many indigenous products as possible at home. Our real strength lies in our family system, resources, and entrepreneurial spirit. By purchasing local products, money circulates within the local economy, generating employment and income at multiple levels.

Often, it is difficult to identify a product’s company based solely on its brand name, so let’s develop the habit of checking whether a brand belongs to an Indian company before buying.

Swadeshi Resolution

1. As far as possible, let us prefer products made by local sellers, producers, and businesses. Of course, these should be purchased after evaluating their quality and price.

2. Let us deliberately consider supporting local artisans and workers during family festivals and ceremonies.

3. Let us consciously change our buying habits—when shopping online, check the ‘Country of Origin’ and give preference to ‘Made in India’ products wherever possible.

4. Let us look for indigenous alternatives in daily-use products—many high-quality Indian alternatives exist to foreign brands. For example, toothpaste (Patanjali, Vicco, Dabur), soap (Mysore Sandal, Medimix), shoes (Liberty, Lakhani), electronics (boAt, Noise), whose usage can be increased.

5. You can opt to use RuPay cards for credit or debit card transactions.

6. Utilize the ONDC (Open Network for Digital Commerce) platform—India’s own version of UPI for e-commerce. Often, products and food items are available here at lower prices than Amazon/Flipkart or Swiggy/Zomato because commissions are lower. Local grocers and restaurants also benefit directly.

7. Along with indigenous products, let’s insist on eco-friendly products and focus on increasing the use of renewable energy sources.

8. Don’t forget to share your positive changes with friends and family. Only then will this indigenous movement become widespread and impactful.

The ‘Swadeshi’ Mantra for Investment

Our investments should also be aimed at encouraging local industries and businesses. By studying promising companies—especially those supporting local employment and local products, including future-oriented start-ups—we can prioritize investment. Several ‘manufacturing’ thematic mutual funds are available to benefit from the growth of India’s productive sector.

Shares of companies in Defense, railways, and PSUs are currently performing well. Also, companies directly benefiting from the ‘Make in India’ initiative—such as Bharat Electronics, Hindustan Aeronautics, and Tata Group companies—can be considered part of your ‘swadeshi’ investment resolution. However, do consult your financial advisor before making any investments.

The government and producers are working tirelessly to overcome challenges such as dependence on raw materials, lower-priced Chinese goods, and the need to maintain quality and competitiveness, bringing Indian products to a global stage. When you purchase a swadeshi product, you are not just buying a commodity—you are honouring a local art, the hard work of a worker, and the self-respect of India. This is the true ‘swadeshi resolution’ for the new year.

This is only the beginning. The new generation of India has the capability to develop world-class indigenous technology. Alongside the technological revolution, there is a tremendous opportunity to bring India’s heritage of knowledge and its rich traditions, history, and lifestyle to a global audience.

Let us, therefore, start with our own families, and in this new year, truly put into practice the ‘swadeshi’ resolution to actively contribute to the journey of ‘Atmanirbhar’ Bharat. Through our collective and concerted efforts, India’s march towards ‘Developed India’ will be achieved alongside inclusive and holistic growth.

Anand Pophale, Certified Financial Planner, Vimarsh Consultancy Services, 7720006453