Finance Minister Arun Jaitley has said the Manufacturing sector remain a challenge unless the radical steps are being taken to improve it. Addressing a meeting on Make In Indian Programme in New Delhi today Mr Jaitley said entry point into the manufacturing has to be eased to attract more investors form outside. He also said there is need to create enabling environment at every level across the country so that joint ventures and provisions for transfer of technology could be easily undertaken. He said if manufacturing grows at faster rate and creates more job opportunities, this sector will be able to absorb unemployed youth form agriculture sector. The minister also said complicated tax regime during the last few years not only made doing business difficult but also scared the investors to invest in the country. Mr. Jailtley also emphasized on low cast manufacturing in the country so that consumers purchase products which are cheap and of good qualities. Manufacturing sector in India contributes only 15 per cent to the GDP whereas the China's share is more than 30 per cent.Commerce and Industry Minister Nirmala Sitharaman said, the new initiatives need to be undertaken to strengthen the Make in India initiatives. The Minister said that both Department of Industrial Policy and Promotion and Department of Commerce have taken concrete steps for cutting red tape, simplifying rules and delicensing the business environment.
News On AIR | December 29, 2014 12:30 PM
Entry into manufacturing sector should be eased: Arun Jailey