The concept of ‘vocal for local’ was first introduced during British rule in India as the Swadeshi movement in 1905. The campaign was a game-changer for the independence movement, with millions of Indians participating in it and boycotting the East India Company’s produce.
Reintroducing the same course of action is indeed a well scrutinised phenomenon, initiated by the Indian Prime Minister Narendra Modi. This economically motivated strategy is likely to promote the domestic notion around the country, covering almost every sector of the market. `
In recent years, a company that competed with the multinational giants at the very best is Baba Ramdev led Patanjali Industries. The corporate arena was shocked to see the rise of this Haridwar-based company. The unilateral dominance of Patanjali in the consumer segment was mainly by producing natural products that almost reached every household in India. In these hard times of deadly coronavirus, Patanjali’s CEO Acharya Balkrishna affirmed that an Ayurvedic medicine prepared by his company can help suppress COVID symptoms and even cure the disease in 5-14 Days. At present, the development and trials of vaccines are at full pace but not proved yet for public use.
This medicinal progress of the domestic giant strengthens the need of the hour for ‘Vocal for Local’ push.
Apart from Patanjali, Indian brands in the FMCG sector, Marico and Dabur have INR 7,000 crore and INR 8,500 crore in revenue terms, advancing an idea to adopt domestic products in daily life.
Indian Prime Minister Narendra Modi has asked Indian consumers to encourage and prefer local brands. India’s leading consumer goods companies with solid positioning are dairy, herbal consumer brands, and a few segments of snacking.