Vice-President Jagdeep Dhankhar on Friday drew attention of trade and industry bodies to the “ill-effects” of not subscribing to economic nationalism  and said it is quintessentially fundamental to  country’s economic growth.

Speaking at the Bharat Startup and MSMEs Summit at Dr Ambedkar International Centre here, he called for importing only that which is “unavoidably essential”, to prevent the drain of India’s foreign exchange, loss of employment opportunities for citizens and impediments in growth of entrepreneurship.

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Emphasising on the need to be “vocal for local”, the VP said that this spirit was a facet of ‘Aatmanirbhar Bharat’, and reflected the essence of the ‘Swadeshi Andolan’ during India’s freedom struggle.

Lauding the effective performance of the MSME sector, he said it was “bringing about transformational change in tier 2 and 3 cities and in villages.”

Underlining how ”affirmative governance coupled with ease of business policies and initiatives have helped in flourishing of entrepreneurship and spirit of innovation” in the country, Dhankhar called for hand-holding entrepreneurs to help optimise their performance.

He also emphasised how startups and MSMEs play a key role in ensuring a “plateau-type” rise for a democratic nation like India, so that all segments of society are uplifted equitably.

Cautioning against the export of raw materials without value addition, the VP stated that the twin advantages of job creation and rise of entrepreneurship within the country that flow from such value addition should not be sacrificed for the apparent ease of revenue it provided.

“That money may be easy for the individual, but it is very painful for the nation,” he underscored. “By adding real value, we can contribute greatly to the national economy,” he said.

Calling upon the corporate leaders to engage with research and development in the country, VP noted that “world over, research and development is fuelled, financed, promoted and sustained by industries, but we lack it here.”

Urging corporates to take a big step in that direction, he said, “While it is good to provide financial assistance to universities outside, it is also important to bestow attention on local universities and academic institutions.”