Make in India: The Age of Made in India Products in Domestic & International Markets
India-made goods and brands are becoming more and more popular among Indian consumers. The craze for international brands is progressively waning. In a survey done by KPMG, roughly 60% of respondents across all age groups expressed a desire to replace foreign brands with indigenous brands, with 41% willing to pay a premium. Also, according to the survey, 84% of respondents prefer to patronize companies whose actions reflect their core values and beliefs, and 94% are willing to pay more for a company that supports the community (as against 90 per percent globally). Indian consumers are increasingly interested in purchasing products and brands that are made in India.
Historic “Make in India” Scheme: -
As a part of a larger package of nation-building initiatives, the Prime Minister of India unveiled the Make in India initiative in September 2014. Make in India was conceived in response to a critical situation, with the goal of transforming India into a global design and manufacturing hub. By 2013, the much-touted emerging markets bubble had burst, and India's growth rate had fallen to its lowest level in a decade. India was labeled as one of the so-called "Fragile Five" as the BRICS nations (Brazil, Russia, India, China, and South Africa) had failed to live up to their promise. Investors from around the world argued over whether the biggest democracy in the world presented a risk or opportunity.
In the midst of this crisis, Prime Minister Narendra Modi launched Make in India, which quickly became a rallying cry for India's numerous stakeholders and partners. It was a strong, energizing call to action for the people of India and its business leaders, as well as an invitation to potential collaborators and investors worldwide. But make in India is much more than just a motivational catchphrase. It represents a thorough and unprecedented revision of dated procedures and regulations. In keeping with the Prime Minister's tenet of "Minimum Government, Maximum Governance," it represents a fundamental shift in the government's mentality from one of issuing authority to one of the business partners.
After the launch of the Make in India initiative, every possible barrier to doing business was removed and the playground was made wide open for national entrepreneurs and business owners. As a result of which the Indian economy flourished and it still stands tall facing all the constraints of the current ongoing recession in the world. When the world is shutting down due to economic recession India is fighting hard to knock off the wings of it from reaching India.
Origin of Arista Vault: -
Along with the numerous other beneficiaries of this scheme, Arista Vault also made its way in 2018 by starting off with the idea of establishing a fashion-tech company that solves the long unturned issue of lost, theft, and security of wallets, bags & other personal belongings while giving them a value of owning a luxury fashion accessory. The idea of building this brand striked in one of the founders' minds in 2016 when she lost her wallet while traveling in Delhi’s lifeline “Delhi Metro” in which she lost all her important belongings including bank cards, IDs & other valuables & she found no available solution of this widely existent problem in the Indian market where situations like these are quite common.
Later, she worked on shaping this idea into a reality while joining hands with her co-founders including an ex-army colonel with more than 25 years of service dedicated to the Indian Army Tank Regiment taking care of the technical department who brought his tech expertise to the table. Along with a co-founder & CA to look after all the finances and business & she herself as a designing expert took care of the product design. However, even though the idea of developing a solution to theft and loss issues sounded so simple & enthusiastic but it was equally challenging to establish it in reality. Which took months of R&D including various market research and prototype designing efforts.
The Birth of Smart Wallet-Bot: -
In 2018 the final product world’s first ever “Wallet Bot” was created which was the nation’s homegrown solution to the belonging's security issue. This smart wallet technology was capable of protecting itself from all kinds of theft including e-theft & because of the RFID protection it protects from e-theft, which is a futuristic approach of doing theft using bank cards.
The wallet had the ability to connect to any iOS/android device and was crafted out of premium Italian quality leather that had an inbuilt GPS tracking system that allows the user to track the location of the wallet while giving an anti-theft alarm whenever the two connected devices experience a separation of 20-meters. The mechanism inside the design engineered leather & slimmest silhouette with a user-friendly design was developed after extensive research & hard work by engineers, designers, and leather specialists.
Supporting these concepts & diligent efforts, the Government of India & Ministry of Electronics & IT funded Arista Vault under Electronics System Design & Manufacturing (ESDM), with Software Technology Parks of India (STPI) & Electropreneur Park in 2019.
As the industry was accepting the indigenously homegrown brands with open arms due to the free-trade policy and worldwide promotion of made-in-India goods. Arista Vault’s innovation complemented the study of KPMG, which stood true for Arista Vault. Indian consumers actually patronized the idea and were ready to pay a premium & upheld their priority to its offerings over foreign brands which were nowhere close to the quality and value it provided.
An Appeal to Indians: -
There are a number of reasons why it is important for Indians to support the "Make in India" campaign by purchasing Indian-made products. Firstly, it helps to boost the Indian economy. When Indians buy products that are made in India, they are supporting the companies that manufacture those products, which in turn helps to create jobs and stimulate economic growth.
Secondly, it helps to reduce dependence on imports. India is currently one of the largest importers of consumer goods in the world. By choosing to buy Indian-made products, Indians can help to reduce the amount of money that leaves the country in the form of imports, which can help to strengthen the Indian economy.
Thirdly, it helps to promote self-reliance. India has the potential to be a self-sufficient nation, and by supporting the "Make in India" campaign, Indians can help to ensure that the country does not have to rely on other nations for its basic needs.
In conclusion, the "Make in India" campaign is an important initiative that has the potential to boost the Indian economy, reduce dependence on imports and promote self-reliance. It is therefore essential that Indians support the campaign by choosing to buy Indian-made products whenever possible. So, this Republic Day let’s support the new-age Indian made goods to collectively contribute to the nation’s self-sufficiency and growth in the economy while supporting the localized workforce.
Also, get a flat 15% off on the complete product range of Arista Vault as a part of its Republic Day Sale in 2023. Also, get free pan-India delivery on all prepaid orders. So what are you waiting for? Support made-in-India goods and head to www.aristavault.com and get your smart product now.
Suggested Readings: -
- Valentines Day Gifts: Your Friendly Guide 2022 – Arista Vault
- Modern Valentine Day Gifting Guide For The Gen-Z 2022 – Arista Vault
- 5 Most Unique and Trending Tech Gadgets in 2023 | Smart Luggage Range – Arista Vault
- Here’s how technology and innovation are driving the growth of Arista Vault, India’s first smart luggage brand (yourstory.com)