‘Vocal for local’ attaches great importance to the local industry and the small Kirana stores. At a time when we are struggling to maintain liquidity and a regular cash flow, the ‘vocal for local’ movement can also be seen as an impetus to revitalize demand and thus the small and marginal household industries (goods produced locally) throwing a lifeline to their country of residence) who are struggling to survive in the wake of the pandemic. If the demand shifts in favor of domestic companies, then the advantage is threefold.
First, it will reduce dependence on foreign products, thereby easing import pressure. Second, it will give domestic enterprises a chance to survive the crisis period. Third will fit into the economic backlash against China, strategically positioning India to become the world's new manufacturing hub. For example, the FMCG sector is becoming the flagship of this movement.
Brands like DABUR and PATANJALI that perform at an exceptional level simply don't have to look beyond our borders. That being said, we also need specific government policies and initiatives to ensure the local voice movement doesn't lose momentum after endemic (the end of a pandemic). Right now, we are cruising through an endless adrenaline overload, but this movement must be sustained over the long term. In the Fast-Moving Consumer Goods (FMCG) industry, especially in the food and beverages, Indian brands have been following hon’ble Prime Minister Narendra Modi's vocal for local or localization vision.
Along with production of goods in India, the government has also demanded promotion of local brands, manufacturing and supply chain. The brand is a valuable asset for any commercial organization. When a brand is sold in the global market, no matter where in the world it is produced, sold or ultimately consumed, the domestic company benefits from an appreciation and royalty for technical fees. This is also a proven MNC strategy. I think this is also consistent with the Prime Minister's stance of not being part of the RCEP deal and opting for a full Make-in India policy.
Many new e-commerce platforms like Kiko Live, Otipy, Trell, ZeroEyes, Righthand Robotics are competing with Amazon, Flipkart, M-live by Myntra, Messho. As per ‘Vocal to local’ concept, Kiko Live a live shopping interface that helps users locate shops in their neighbourhood (within a 3 km radius), ranging from local grocery, chemists, meat shops, and even street vendors. According to Alok Chawla, CEO of Kiko Live, “live commerce is already a big thing in the US and China. In fact, 25 percent of ecommerce in China comes from it. We wanted to make live commerce beneficial for small businesses in India and onboard them to the bigger ecommerce ecosystem.” (Rajkumari, Pooja. July 13 2022 at yourstory.com)
SHIVANGI SINGH BHARDWAJ
(MIB BATCH 2022-24)
