Make In India: Jaitley Vows To Remove Barriers To Businesses

NEW DELHI: Government today pledged to remove entry barriers to business and ensure a competitive tax regime to push manufacturing growth under its 'Make in India' programme, even as it blamed high interest rate for slowdown.

The programme aims at manufacturing low-cost quality products both for domestic as well as export market, Finance Minister Arun Jaitley said here.

Criticising the monetary policy of RBI Governor Raghuram Rajan, he said high interest rate is the "singular factor" which responsible the slowdown in manufacturing sector.

"The entry point into the manufacturing sector itself has to be eased. Our initial barriers have to be lowered and perhaps even removed. If we keep the doors closed, investments won't come in," he said at a "Make in India' event.

He further said there is a need to ensure liquidity in the markets. "We need to ensure capital is available, we need to ensure that those sectors which are starving we are in a position to provide adequate capital to those industries."

The success of bankers' retreat with Prime Minister Narendra Modi later this week and the 'Make In India' campaign will give a fillip to manufacturing, he added.

Also Read:
Fresh Curbs Unlikely As Gold Imports Fall Sharply
Average Spending By Online Shoppers To Rise 67 Per Cent In 2015