Apr
Truly Vocal for Local- Fayda Shop
One fine day of 13th may 2020, Prime Minister Narendra Modi Ji, while addressing the nation
amidst the covid pandemic, announced a Rs. 20 Lakh crore economic stimulus package and
expressed his vision of “Atmanirbhar Bharat” and initiated the Vocal for Local Campaign.
Vocal for Local isn’t a novel concept but was first introduced in the Gandhian era, during
Swadeshi Movement and fight with british, Mahatma Gandhi, emphasised on buying local
products. After that this program was forgotten with time. But it had to make a
comeback during the Pandemic in 2020, as the survival of local business had become a
matter of concern and that is when, PM Modi Ji initiated for same and gave a new meaning
to Vocal for Local.
What is Vocal for Local ?
Vocal for Local is the campaign initiated to boost local business and buying from local stores
everytime possible. This not only increases demand in local economy but also work towards
making India a self-reliant country.
This aims at providing support to local vendors and business by purchasing all the possible
products from them, and supporting make in India. Simply, encouraging to make local and
use local.
This initiative have multi-fold benefits as it aims at growth of employment along with
economy, as the economy grows,the requirement of manpower grows along with it.
Why do we need to be Vocal for Local ?
Vocal for Local is not just a trend or a slogan, though it started as a trend during the
pandemic but the scope of being Vocal for Local is broader.
Covid-19 taught the importance of being able to fulfill our own needs i.e. being self-reliant.
When the whole world stopped and all the countries closed their borders, resulting in
freezing of goods and the world economy. When all the countries were struggling to meet the
demands and to fill the economic gap, India initiated the Vocal for Local campaign.
Visibly perfect model of division of labour, i.e. outsourcing of most commodities and
manufacturing only in expertised area and creation of global supply chain had flaws in it
which came into light during the pandemic, when the chain got disrupted due to geographical
barriers, the importance of being self-reliant came into the picture.
Having global integration is prominent but what is equally important is to be able to satisfy
our own needs when needed. Having substitute of global integration is equally important for
the time when the global chain breaks.
Being Vocal for Local emphasis on growth of domestic and local industry,market & business
resulting in unquestionable growth of domestic economy and income. When all the local
business were suffering from lockdown and loss in business, what hit them even more was
competition from online and chain stores, when everybody lived with fear of covid, they
shifted to online purchase and to set off the effect of online buying behaviour becoming vocal
for local is important, for support and survival of local business.
Specially in this post covid period , where many business have already shut down due to
losses during pandemic . Survival of existing local and small business has become a matter
of concern due to tough competition from online and chain stores.
Vocal for Local has multi-fold advantages as, First, It gives support and chance to fight
competition to local businesses for their survival during tough times like pandemic. Second,
it has power to make India new manufacturing capital of world, as Make in India gets
ultimate support from vocal for local, helping the Indian economy to grow exponentially.
Third, it works on making India become self-reliant and encourages positive balance of
payment.
What happened to the Swadeshi Movement ?
Being “Atma Nirbhar” or “Swadeshi” went on backseat during introduction of New Economic
Policy 1991, when due to Liberalisation, Privatisation & Globalisation, FDIs took away the
limelight and inflow of foreign goods at cheaper prices hit the domestic industry and demand
for local kept on declining. Resulting in shutting of local business and losses to the domestic
industry.
NEP was a injury to domestic industry as domestic manufacturers were not able to cope up
with price competition with foreign companies, this has been going on unaddressed since
1991, and it took us a pandemic to realise the importance of domestic manufacturing and
industries and hence, it became important to be Vocal for Local.
Vocal for Local, increases the market span for Make in India products, resulting in many
MNCs to set up their manufacturing plants in India, resulting in growth of employment,
domestic economy and domestic income. It makes India a hot-spot for investing, resulting in
availability of huge funding options for local industry.
With support being provided to local, many big firms came into play and the coming era is
said to be the era of Indian Entrepreneurs and Start-ups. Many companies took complete
advantage of the campaign #Vocal_for_Local and grabbed investments bringing positive
weight to the Indian Economy.
Are we truely Vocal for Local ?
When PM Modi talked about being Vocal for Local, he didn’t meant it for only industries and
manufacturing units, he had also emphasised on supporting the local businesses and small
stores of localities, but while taking advantage and support of this campaign, who truly were
benefitted are only the big firms and companies, what about that local store in our city and
towns. These stores and businesses were conveniently forgotten and are still suffering.
Being truly Local for Vocal will be the situation when these local and small business get the
support,we not only need to support Make in India but also Buy from Local, where this local
does not only mean local or domestic companies but also local stores of every lane and
locality.
The concept is to support local and small business wherever and however possible,
promoting equality and equity in the economy. Only making India a self-reliant is not
important, what along with it is needed is making these small businesses strong enough to
fight with Online giants and chain stores, as these stores are still the prominent part of
economy and their existence and survival is equally important for balanced economy and
income distribution.
Being truly Vocal for Local refers to supporting local and small business stores nearby and
to scale up this section of economy which actually needs support and whose survival in long
term has become a matter of concern. It is need of the hour to support these business
before it gets too late to save them.
How do we be Truly Vocal for Local ?
At this point of time, when nationalism has made its place in heart and mind of Indian
customers, it is easier to implement and work on being truly vocal for local, people have
become inclined towards buying local products what needs to be done is to just emphasis on
buying local products from local stores and for the same, Discounting, rewarding and loyalty
creation is the most effective tool.
Once customers understand the value of indigenous purchase from local stores and start
feeling valued, half of the work gets done.
The giants of market use technology, discounts and loyalty schemes for acquiring and
retaining customers. Their system of discounts and rewards create a sense of being valued
in customers make them get customers and result in their increased market share.
For local and small business to stand in market they need the support in tech, creation of
ecosystem, network and a system which creates value for them in customer’s
perception.Having a system which creates value of discounts and rewards offered by these
business is the tool required, supporting local business to get their customers and market
share.
With aim of being Truly Vocal for Local- i.e. support and growth of local and small business
stores, Fayda Shop has come up with an application using Blockchain and its own crypto
currency – Fayda Coin.
Fayda Shop is an application that works to provide -
-A blockchain based ecosystem and network for local business, where they get listed along
with their products and have online presence to get the potential customers to visit them and
buy from them.
-A system which creates value of discounts and rewards offered by business at 10 times
more than their actual value, resulting in providing support to local business to fight with
discounting system of giant stores and ecommerce platforms. These rewards and discounts
are in form of Fayda Coins- a crypto currency, providing intrinsic and growing value of
discount and rewards.
-Businesses can use these coins to provide discounts and rewards to its customers and also
use these coins to get themselves marketed and promoted on Fayda Shop and its social
platforms.
Support Local Business , Don’t just say – Be Truely #Vocal_for_Local
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