Time For All To Subscribe To 'Economic Nationalism', Says Vice President

Vice President Jagdeep Dhankhar advocates for economic nationalism at PHDCCI's Bharat Startup & MSMEs Summit 2024, urging Indian businesses to reduce imports, boost local production, and prioritize R&D for national prosperity.

Vice President Jagdeep Dhankhar on Friday called upon Indian enterprises to desist from importing non-essential items and exporting raw material and become "nerve centres" of inculcating the spirit of economic nationalism, asserting that it was imperative for India's prosperity and sovereignty.

Speaking at an event here, he said, "we need to import only that item which is unavoidably essential", and drew India Inc's attention to the ill effects of export of raw material in terms of drain of foreign exchange and loss of potential job opportunities.

"Nationalism is important, paramount. We have to subscribe to it. Time for us to subscribe to economic nationalism as well. We need to be vocal for local," Dhankhar said.

The vice president emphasised that a fiscal benefit can never be the premise to compromise national interest or economic nationalism, observing that export of raw material needs to be "discouraged" and the discouragement has to emanate from sensitisation by trade, industry, commerce and business associations and chambers.

Highlighting that world over, trade and industry fuels and sustains research and development (R&D), Dhankhar said: "While it is good to give heavy financial assistance to universities outside, also bestow attention on local universities, focus on our academic institutions also", and urged the industry to accord priority to R&D.

Startups and MSMEs are the birthplace of ground-breaking ideas and technologies, pushing the boundaries of what is possible. By providing local solutions, creating jobs, and promoting regional development, they play a crucial role in empowering communities, the vice president said.

Let us all commit to supporting the growth of startups and MSMEs, to fostering an environment where innovation thrives, and to working together towards a future that is prosperous, sustainable, and equitable, he added.

The vice president was addressing PHDCCI's Bharat Startup & MSMEs Summit 2024 here.

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