Make in India: Misquoted, cries FM

Make in India: Misquoted, cries FM

A day after news reports suggested that Finance Minister had differed with RBI governor on “Make in India” scheme, Arun Jaitley on Tuesday criticised media for “reporting with agenda” and clarified that “what is reported is a speech that I did not deliver”.

In his speech on a workshop on Make in India,  Jaitley was reported to have stated; “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.”

He, however, wrote an article where he said, “The reports indicated that I had spoken on the Reserve Bank, its Governor and voiced differences with them. The fact is that there was not a single sentence reference (not even a word) in my entire speech on either the Reserve Bank or its Governor.”

Jaitley began his piece by saying that he was surprised to read this morning what was printed in the newspapers.

RBI Governor Raghuram Rajan’s assertion that Make in India products should largely for indigenous consumption since he foresaw a muted global demand. Cautioning not to concentrate on one sector of manufacturing, Rajan had said that “India is different, and developing at a different time, and we should be agnostic about what will work.” FM denies pressuring RBI

Finance Minister Arun Jaitley denied he was pressuring the central bank into cutting interest rates, after his comment that the high cost of capital was stifling investment sent markets into a tizzy, reports Reuters from Mumbai.

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