RBI Governor Raghuram Rajan said India’s new 'Make
in India' campaign should not focus only on manufacturing.
Speaking at a FICCI organized meeting, he said "I
am...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,"
He further said there is "danger when we
discuss Make in India" as something which is focused on manufacturing,
"an attempt to follow the export-led growth path that China followed. I
don't think such a specific focus is intended".
He also said that India should also focus on
domestic demand and create a unified market with a view to reduce transactions cost.
Indian Prime Minister Narendra Modi had announced
the ambitious 'Make in India' programme at his first Independence Day speech
from ramparts of Red Fort to attract overseas investments and make the country
a global manufacturing hub.
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