Defending governments Make In India policy and
rejecting RBI Governor Raghuram Rajan’s criticism of the programme, Finance Minister
Arun Jaitley said it is about manufacturing of quality products at low costs
and it was not relevant whether they are sold in India or abroad.
“Whether Make in India is made for consumers within
India or outside is not so relevant. The principle today says that consumers
across the world like to purchase products which are cheaper and are of good
quality. They hire services which are cheaper and good quality,” Jaitley said.
Earlier, Rajan had sounded a word of caution about
the new government’s ‘Make in India’ campaign, saying it assumes an export-led
growth path of China and it should rather be ‘Make for India’ with a focus on
manufacturing products for the domestic market.
Speaking at a “Make in India’ event here this
morning, Jaitley said manufacturing sector will continue to face challenges
unless it transitions itself while keeping the quality and price in mind.
Rajan had said he was “cautioning against picking a
particular sector such as manufacturing for encouragement, simply because it
has worked well for China.
“India is different, and developing at a different
time, and we should be agnostic about what will work.”
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