Vocal for local is a significant initiative: prospect and challenges with special reference to asean nations

Abstract

Vocal for Local is a very significant programme for local India's skilled workforce which create an opportunity to boost their products on the global platform and to support Indian economy at the grassroots level as a step towards self-reliance. By “Vocal for Local” our Prime Minister has appealed for buying the local products which would support the local business players, manufacturers, markets and supply chain manager. During the period of lockdown and COVID-19 pandemic, it also helped the local vendors, producers and services provider which has helped us for survival in the abnormal condition. Vocal for local gives unambiguous status to the domestic industries and the small-scale Kirana stores. In this time, where we are struggling to maintain liquidity and regular cash flow, the vocal for local movement can also be seen as an impetus to reawaken demand and hence, to throw a lifeline to the small and marginal domestic industries which are struggling to survive in the wake of the pandemic. The first objective of the study is to analyse the importance of ‘Vocal for Local’ programme for infant and small and medium enterprises and the second objective defines the analyse of local for vocal programme is helpful for decreasing the Balance of Trade globally especially with South East Nations. This study is descriptive and analytical in nature. Due to the higher growth of imports as compared to export, India's balance of trade was remained unfavourable. In 2004, India's balance of trade with globally was US$ -12.66 billion which has increased up to US$122.91 billion in 2020. Meanwhile, India's balance of trade with ASEAN states was US$ -0.998 billion in 2004 which has increased up to US$-12.90 billion in 2020. Thus, Indian government has launched a delightful programme named “Vocal for Local” which would support Skill India Mission as well as Make in India mission programme in controlling balance of trades (BoT).