With the Vocal for Local theme capturing the imagination of the nation, the spotlight has also turned to Micro Small and Medium Enterprises (MSMEs) which can play a significant role in tapping the potential of local products.
Industry insiders said that in the coming days, their focus will be on manufacturing substitutes for those items that are predominantly imported. Eventually, they want to tap the export markets for these products.
The COVID-19 pandemic halted supply and value chains abruptly, bringing global production levels to a standstill. In an atmosphere of breeding uncertainty, small local businesses need more support than ever before, being one of the primary shock-bearers due to the pandemic. Indian Prime Minister’s ‘Vocal for Local’ campaign renewed optimism among Indian brands, who quickly took the cue and aligned their brand reputation with the campaign. Big Indian players re-fashioned their marketing strategy promptly and their sales pitch now focused on ‘Indian and Indigenous’ as big themes.
Brand Identity and Ownership
Big players recognized the urgency to identify with our Indian roots to reach out to customers, during the pandemic. However, the ‘Vocal for Local’ campaign is not only for the big brand. India’s desire for self-sufficiency and self-reliance reflects in the campaign, which businesses of all scales, including start-ups can identify with. The campaign infuses affinity with home-grown start-ups and develops a sense of brand ownership in businesses. Entrepreneurs were the drivers of supply when the COVID-19 pandemic pushed India into uncharted territory. This exhibits the potential they own and highlights the need to harness this potential by supporting such brands at a national level.
The big players in the market were quick to respond to the Prime Minister’s call, but it is the Micro, Small and Medium Enterprises (MSMEs) that will benefit the most from this campaign. The financial stimulus package worth Rs. 20 Lakh Crores to revive the economy in times of pandemic-related adversity unveils measures that directly benefit the MSMEs. These relief measures include collateral-free loans, subordinate debt for stressed enterprises and equity infusion through a fund of funds. Apart from financial help, the definition
of MSMEs is under re-construction to allow flexibility. MSMEs contribute a sizeable chunk in the manufacturing output of the economy. The structural strengthening coupled with brand intensification will help MSMEs carve an identity for themselves.
Make in India and Buy Local
‘Vocal for Local’ extends a former campaign, Make in India, launched in 2014 to boost manufacturing and production in India. The pillars of Make in India lie in innovation, skill development, investments, intellectual property and infrastructure. Spanning 25 sectors of the economy, Make in India is outcome-oriented and systematic in structure, clearly defining the investment opportunities in India. A well-rounded policy, it educates and informs potential investors about the new developmental projects, schemes, policies directed at the ease of doing business and new initiatives in India. Amplifying the attractiveness of potential investment, Make in India succeeded in transforming India’s investment and manufacturing landscape. ‘Vocal for Local’ carries the same sentiment in establishing a brand reputation for Indian goods, banking on the collective optimism that the campaign has generated.