1. FM Arun Jaitley rejects RBI Governor Raghuram Rajan’s criticism of ‘Make in India’

FM Arun Jaitley rejects RBI Governor Raghuram Rajan’s criticism of ‘Make in India’

RBI Governor Raghuram Rajan had sounded a word of caution about the new government's 'Make in India' campaign...

By: | New Delhi | Published: December 29, 2014 2:39 PM
Finance Minister Arun Jaitley addressing at the National Workshop on 'Make in India', in New Delhi. (PTI)

Finance Minister Arun Jaitley addressing at the National Workshop on ‘Make in India’, in New Delhi. (PTI)

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.”

  1. E
    Elitevenkat
    Dec 29, 2014 at 3:58 pm
    MAKE IN INDIA, BLACK IN ABROAD!
    Reply
    1. B
      Bhartiya
      Dec 29, 2014 at 9:26 pm
      First of all I am full supporter of Modiji, he will take India to new heights. But he is alone whom we can trust, but in BJP we have very people like him and the rest are........ Jaietlyji Mr. Rajan knows what is best for economy much more... we fully trust him. Hope you would bring some rational budget instead of being por. Not much changed since your government. One thing let RBI function independently. what about the probes against corrupt politicians?? Is your government afraid even after people giving you full majority??
      Reply
      1. B
        Bhartiya
        Dec 29, 2014 at 9:26 pm
        First of all I am full supporter of Modiji, he will take India to new heights. But he is alone whom we can trust, but in BJP we have very people like him and the rest are........ Jaietlyji Mr. Rajan knows what is best for economy much more... we fully trust him. Hope you would bring some rational budget instead of being por. Not much changed since your government. One thing let RBI function independently. what about the probes against corrupt politicians?? Is your government afraid even after people giving you full majority??
        Reply
        1. S
          space
          Dec 29, 2014 at 6:02 pm
          Hmm. Which is the most profitable company, Apple in Consumer Electronics & Tesla in Cars are a couple of names that pop to mind. Are these low cost, nope, they are pricey on the contrary. These are companies that are innovative and thus innovation leads a nation forward not cheap manufacturing. TCS, Infosys & Wipro have already taught us that without innovation, even if costs of services are down they cannot compete at the innovation fight, which is of relevance. Then what the heck is this Jaitley talking about. Politicians when ume they are smarter than world renowned technocrats like Rajan, only showcase how moronic they really are.
          Reply

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