“Radical Steps” Required To Boost Manufacturing, Says Jaitley

Union Finance Minister Arun Jaitley has said that radical steps are required in order to give a boost to the country’s manufacturing sector. “Manufacturing is where the jobs are,” Jaitley said.

Talking about Reserve Bank of India (RBI) Governor Raghuram Rajan’s statement that the ‘Make in India’ campaign should focus more on domestic demand as compared to the export market, Jaitley said, “Whether ‘Make in India’ is made for consumers within India or consumers outside, is not so relevant. The principle today is that consumers across the world like to buy products that are cheaper and of good quality.”

Jaitley said that he would take into account the suggestions given by the finance ministers of various states while preparing the Union Budget. "Some state FMs even requested that the FRBM limit (Fiscal Responsibility and Budget Management) be raised this year in order to infuse liquidity in the market," he said.

"Most states also wanted centralisation of the CSS (centrally sponsored schemes) so that they could be more attuned to the state requirements. Several states made suggestions with regards to state specific issues. We will consider all these suggestions while formulating our policies in relation to the Budget," Jaitley said.

The finance minister also expressed hope that the growth in FY2015-16 would surpass that in this financial year.