Predicting that India will become the third largest economy in the world in two years, Vice-President Jagdeep Dhankhar emphasised that handloom products are a core component of Prime Minister Narendra Modi’s “Be Vocal for Local” initiative.

Calling for the promotion of handloom in the true spirit of ‘Swadeshi movement’ while addressing the 10th National Handloom Day event at Vigyan Bhawan here on Wednesday, Dhankar said, “Today, we are the fifth economic superpower in the world. We will become the third economic superpower of the world in 2 years and even before that.”

He described economic nationalism as fundamental to “our spinal economic growth and economic independence”. Highlighting the environmental and cultural significance of handlooms, he said, “Promoting handlooms is the need of the hour, need of the country, and need of the planet in terms of climate change.”

Emphasising the importance of handloom in employment generation, especially for rural women, the 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.

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.

The vice-president asserted that no fiscal gain, regardless of its size, can outweigh the value of promoting domestic industries and protecting local employment.

Highlighting the historical significance of the Swadeshi Movement launched on August 07, 1905 aimed at reviving domestic products, Dhankhar praised PM Modi’s visionary decision to declare August 7 as National Handloom Day in 2015, marking 110th anniversary of the movement.