Terming Prime Minister Narendra Modi flagship ‘Make in India’ campaign initiative as “worthwhile ambition”, Reserve Bank Governor Raghuram Rajan, however, cautioned that the whole effort should not be made towards producing for overseas markets as global slowdown could create problems. The Reserve Bank chief also emphasized upon the need for creating conducive regulatory atmosphere and infrastructure for promoting manufacturing and services sector.
The governor asserted that government should not focus on where to sell, but should just lay emphasis on creating conditions both for manufacturing and service jobs, which could aid the country in providing world class service firms, having few world class manufacturing firms and a few extraordinary domestic firms which are focused on domestic market.
Prime Minister Narendra Modi had launched Make in India campaign in September last year to make the country a hub of global manufacturing and create jobs for growing population. Under the ‘Make in India’ initiative, investment opportunities for foreign companies and entrepreneurs are available across the entire value chain of synthetics, value-added and speciality fabrics, fabric processing set-ups for all kinds of natural and synthetic textiles, technical textiles, garments, and retail brands.