With wages in China rising dramatically, India’s Finance Minister Arun Jaitley has underlined that it presents the best opportunity for India to turn into a global manufacturing hub.
Addressing the Annual Day celebrations at Shri Ram College of Commerce (SRCC) in New Delhi, the finance minister said, “Wages in China have gone up. That part of the world is now becoming costlier. Can we, therefore, create a world class infrastructure in India?”
India is well equipped with human resource and institution of excellent kind, which makes the cost of capital qualitative and reasonable, the minister said. “Can the cost of our capital not be reasonable… all these issues of efficiency, quality improvement, that’s where the opportunity awaits us in creating mass jobs and that is the best possibility of India in removing poverty,” he added.
Currently, the contribution of manufacturing in India’s GDP is very less in comparison to that of other developed countries. India plans to enhance the contribution of manufacturing with its newly launched “Make in India” campaign.
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