Make In India: Jaitley Vows To Remove Barriers To Businesses

Jaitley also rejected Rajan's criticism of Modi's pet programme 'Make in India', saying that it is about manufacturing of quality products at low costs and it was not relevant whether they are sold in India or abroad.

"Whether Make in India is made for consumers within India or outside is not so relevant. The principle today says that consumers across the world like to purchase products which are cheaper and are of good quality. They hire services which are cheaper and good quality," Jaitley said.

Earlier this month, Rajan had sounded a word of caution about the new government's 'Make in India' campaign, saying it assumes an export-led growth path of China and it should rather be 'Make for India' with a focus on manufacturing products for the domestic market.

The Governor had said he was "cautioning against picking a particular sector such as manufacturing for encouragement, simply because it has worked well for China.

"India is different, and developing at a different time, and we should be agnostic about what will work".

Stressing on the importance of domestic manufacturing, Jaitley said: "... If we lose out on cost, quality then we would be threatened with a situation where in we would become nation of of traders rather than nation of manufacturers".

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