Economic nationalism is fundamental to our spinal economic growth: VP

New Delhi: Vice-President Jagdeep Dhankhar emphasized that handloom products are a core component of the Prime Minister’s “Be Vocal for Local” initiative and called for promoting handloom in the true spirit of ‘Swadeshi movement’.

Addressing the 10th National Handloom Day at Vigyan Bhawan in New Delhi on Wednesday, he described economic nationalism as fundamental to our spinal economic growth and economic independence. Highlighting the environmental and cultural significance of handloom, he said, “Promoting handlooms is the need of the hour, need of the country, and need of the planet in terms of climate change.”

Call to promote Indian culture

Emphasising the importance of handloom in employment generation, especially for rural women, VP called for ensuring adequate marketing avenues for such products. He also appealed to India’s corporates to extensively use handloom products, particularly in the hotel industry stating that such a commitment would not only promote Indian culture but also significantly boost the country’s economy and employment opportunities.

Fostering domestic production

Advocating Economic nationalism as fundamental to our spinal economic growth, Dhankhar outlined three key benefits of economic nationalism: first, it helps save precious foreign exchange; second, by reducing imports, we create job opportunities and protect local livelihoods; and third, it fosters entrepreneurship by encouraging domestic production.

He expressed concern that some individuals prioritize limited economic gains over national interests, questioning whether fiscal benefits justify avoidable imports. He asserted that no fiscal gain, regardless of its size, can outweigh the value of promoting domestic industries and protecting local employment.

Significance of Swadeshi Movement

Highlighting the historical significance Swadeshi Movement launched on August 07, 1905 aimed at reviving domestic products, Dhankhar praised PM Modi’s visionary decision to declare August 07 as National Handloom Day in 2015, marking 110th anniversary of the movement.

Giriraj Singh, Minister of Textiles of India, Pabitra Margherita, Minister of state for Textiles, Rachna Shah, Secretary, Ministry of Textiles and other dignitaries were present on the occasion.