Higher production costs in China an opportunity: Jaitley

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SME Times News Bureau | 27 Mar, 2015
Finance Minister Arun Jaitley said on Friday that higher costs of production in China give a great opportunity for India to become a global manufacturing hub.

"Wages in China have gone up. That part of the world is now becoming costlier. Can we, therefore, create a world class infrastructure in India," Jaitley asked

"Can the cost of our capital not be reasonable? All the issues of efficiency, quality improvement, that's where the opportunity awaits us in creating jobs. This is the best possibility for removing poverty in India," he said, addressing the annual day celebrations at his alma mater Shri Ram College of Commerce in New Delhi.

Jaitley has said that with the current situation in advanced economies -- coupled with the way India is poised to takeoff after the way it has weathered the global financial crisis -- makes the country an attractive proposition for foreign investors

On being asked about the Bharat Ratna for former prime minister Atal Bihari Vajpayee, Jaitley called it a proud moment for the country.

"A proud moment for the country and all of us. He (Vajpayee) is a stalwart leader of the country. He is a leader par excellence who worked tirelessly in the interest of the nation," he said.

"In this country, I think there would be a very few people like him who are good orator, MP, leader, thinker, and poet. We pray for his good health and long life," he said.