Rejecting RBI Governor Raghuram Rajan’s criticism of ‘Make in India’ programme, Finance Minister Arun Jaitley today 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 likes to purchase products which are cheaper and are of good quality. They hire services which are cheaper and good quality,” Jaitley said here.
Earlier this month, 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.”