Higher costs of production in China give an extraordinary open door for India to turn into a Worldwide manufacturing hub, Finance Minister Arun Jaitley said on Friday.
While addressing the Annual Day celebrations at Shri Ram College of Commerce (SRCC) in New Delhi, finance Minister said, “wages in China have gone up. That part of the world is presently getting to be costlier.”
“Will the expense of our capital not be reasonable? All the issues of productivity, quality change, that is the place the opportunity awaits us in creating occupations. This is the best probability for removing poverty in India,” he said.
The government has launched ‘Make In India’ initiative to increase manufacturing in the nation. At present, the share of manufacturing in GDP is very low as compared to advanced economies.
