Experts Highlight Key Areas for Indias Self-Reliance

Mumbai, August 15: Progress in defense production, agricultural exports, and energy security can significantly bolster India’s self-reliance, experts say. In discussions, they emphasized that indigenous defense manufacturing, the expansion of Free Trade Agreements (FTAs), the promotion of millets, and the development of diverse energy sources will play crucial roles in enhancing India’s economic and strategic strength.

Retired Brigadier Hemant Mahajan, a defense expert, stated that India has made remarkable strides in defense production and exports over the past few years. He noted that defense production has increased nearly fivefold compared to 2014, while exports to friendly and neighboring countries have surged by about 50 times.

Mahajan further explained that the rise in domestic defense equipment production will strengthen India’s strategic capabilities and reduce dependence on foreign suppliers. He remarked, “A self-reliant defense sector not only provides economic benefits but is also vital from a national security perspective. Increasing indigenous technology and manufacturing capacity will allow India to solidify its presence in the global defense market and avoid reliance on foreign nations in emergencies.”

Aditya Sesh, a chartered accountant associated with the Ministry of Agriculture and Farmers’ Welfare, discussed the potential of recent FTAs to create new export opportunities for agricultural products, particularly millets. He highlighted that millets like bajra, jowar, and ragi can be cultivated with less water, have a long shelf life, and are highly nutritious.

Sesh noted that the demand for millets is not limited to India; there are significant opportunities in international markets as well. “Millets can be utilized domestically and also exported. Many types of cereal bars and health products currently imported can incorporate millets,” he added. He observed that the rising popularity of millets is reflected in the market, with prices increasing by approximately 15 to 25 percent this year.

Sesh identified Maharashtra as a crucial center for agricultural growth in India, citing the state’s diverse agro-climatic conditions that provide a competitive advantage in producing grains, fruits, and vegetables. He mentioned that initiatives like Geographical Indication (GI) tags and One District One Product (ODOP) can help farmers secure better prices for their products.

On energy security, Sesh emphasized the need for India to develop diverse energy sources to tackle future challenges. He warned that relying on a single energy source could be risky amid global supply disruptions and geopolitical tensions. He advocated for promoting ethanol-blended fuel (E20) and increasing investments in solar, wind, hydrogen, and nuclear energy. He believes a diversified energy portfolio will make the country stronger and more self-reliant.

Sesh pointed out that in the current global scenario, nearly every item and resource can be used as a strategic weapon. Therefore, India must ensure that external disruptions do not affect its sovereignty, economic stability, and national security.

Meanwhile, local traders in Raigarh, Chhattisgarh, welcomed Prime Minister Narendra Modi’s announced ‘Saptadhara’ as a significant roadmap for the country’s economy. They stated that the government’s focus on seven key sectors could create new business, investment, and employment opportunities in the coming years.

Vijay Chhabra, a textile trader from Raigarh, mentioned that the Saptadhara initiative emphasizes manufacturing, agriculture and food processing, technology and AI, infrastructure development, defense and civil defense, green-blue economy, and India’s soft power. Strengthening manufacturing and local value chains will boost investment in the country, providing new opportunities for both small and large traders and industries.

Another trader, Ravi Katare, noted that if the government takes effective steps to provide raw materials at lower prices for industries, production costs will decrease, benefiting both traders and consumers by making goods more affordable.

Vijay Agarwal, another trader, expressed concerns about the challenges businesses have faced since the COVID-19 pandemic. The continuous rise in prices of various goods has increased costs, directly impacting the market and consumer purchasing. He believes that the new industrial policy and efforts under Saptadhara can play a crucial role in revitalizing trade.

Additionally, local trader Omkar Singh Bagga stated that if these plans are implemented swiftly at the grassroots level and industries are provided with necessary facilities and affordable raw materials, the next 5 to 7 years could be vital for India’s economic progress. This could lead to a surge in production, investment, employment, and business opportunities in the country.