“Make In India (scheme) to give a boost to manufacturing. It is not a question of whether it will work. It must work. Today it is not working. I am sorry to be blunt today, it is only a part of an event management,” he said.
Chidambaram was speaking at a panel discussion on former RBI Governor D Subbarao’s book “Who Moved My Interest Rate?” at the Indian Institute of Management in Bengaluru.
He referred to UCO Bank Chairman R K Thakkar’s remarks that there was no credit demand in the manufacturing sector, which, he said meant no investments were being made.
“Just read the interview of Chairman of UCO Bank. He has said there is no demand for credit in the manufacturing sector which means there are no investments being made.”
Thakkar had said in an interview to a newspaper that there was no demand for credit, at least in the manufacturing and the core sectors, there are no fresh investments.
Chidambaram said the government must go back to the drawing board and find out ways to make India work.
“It must move from event management to actual laying of foundation stones, actual bhoomi poojas and actual inauguration of factories. That is not happening,” he said.
Replying to a query, Chidambaram said the current account deposit is well under control.
“I don’t think we have a Current Account Deficit that we have to be perturbed about. The current account deposit is well under control,” he said.