Do you know something, by buying local you are not only nurturing your country’s economy but also becoming self-sufficient and less dependent on imports? When goods are purchased locally it creates a demand to fulfil which the business owner increases supply which means using more of local resources and employment of local workers.
Businesses at the local level create more job opportunity in the local market that increases the employment level, brings job stability with jobs offered first to the local residents.
A local purchase means that the rupee is spent locally which can be re-spent locally and thus increasing the level of economic activity as the percentage of expenses is directly proportionate to money spent locally. When we purchase Indian brand we keep Indian money within the country. On the other hand, when we are purchasing online from foreign brands we are sending our money outside our country i.e. we are giving the opportunity of someone local to an outsider.
An imported item increases the import bill of the country, weakening Indian currency with respect to a foreign one. So, more the money is re-circulated locally more purchases are made locally which results in profits of the country kept within the country.
Wages and benefits
Local employment means higher income and lower levels of poverty or it can be understood as more money circulating in the local market will lead to more development of public infrastructures like schools, transportation systems, communication networks, sewage, electric system, roads, and likes.
Standard of living
Spending locally results in the growth of the local community and increased economic activity. Business activities and the money keeps any economy moving. A local purchase will increase the velocity of circulation speed of the money which means when money passes hands more quickly, more people will get its benefit, in turn, increasing the purchasing power and ultimately the standard of living.
A ‘Go local India’ campaign can keep our economy stable in the downfall due to Corona Virus. The idea is not about how much money we Indians have but it is about how much we spend on local products so that our money circulates within our country and we Indians (not an outsider) get benefit out of it. Let’s support our PM by purchasing local products and keep our economy running smoothly in this crisis.