Vice-President cautions against export of raw materials without value addition

New Delhi, 16 February 2024: The Vice-President of India, Shri Jagdeep Dhankhar today drew attention of trade and industry bodies to the “ill-effects of not subscribing to economic nationalism”. Terming economic nationalism as “quintessentially fundamental to our economic growth”, the Vice-President called for importing only that which is “unavoidably essential”, to prevent the drain of India’s foreign exchange, loss of employment opportunities for citizens and impediments in growth of entrepreneurship.

Highlighting the need to be “Vocal for Local”, the Vice-President said that this spirit was a facet of ‘Aatmanirbhar Bharat’, and reflected the essence of the ‘Swadeshi Andolan’ during India’s freedom struggle. Addressing the Bharat Startup and MSMEs Summit at Dr. Ambedkar International Centre in New Delhi today, he lauded the effective performance of India’s MSME sector, and noted that it was “bringing about transformational change in tier 2 & 3 cities and in villages.”

Underlining how “affirmative governance coupled with ease of business policies and initiatives have helped in flourishing of entrepreneurship and spirit of innovation” in the country, the Vice-President called for hand-holding entrepreneurs to help optimise their performance. He also emphasised how startups and MSMEs play a key role in ensuring a “plateau-type” rise for a democratic nation like India, so that all segments of society are uplifted equitably.

Cautioning against the export of raw materials without value addition, Shri Dhankhar stated that the twin advantages of job creation and rise of entrepreneurship within the country that flow from such value addition should not be sacrificed for the apparent ease of revenue it provided. “That money may be easy for the individual, but it is very painful for the nation,” he underscored. “By adding real value, we can contribute greatly to the national economy,” the Vice- President further added.

Appealing to corporate leaders to engage with research and development in the country, the Vice-President noted that “world over, research and development is fuelled, financed, promoted and sustained by industries, but we lack it here.” Urging corporates to “take a big step in that direction”, he said, “While it is good to provide financial assistance to universities outside, it is also important to bestow attention on local universities and academic institutions.”

Shri Sanjeev Agrawal, President, PHDCCI, Shri Hemant Jain, Sr. Vice President, PHDCCI and other dignitaries were also present on the occasion. 

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