In yet another pitch for Prime Minister Narendra Modi's 'Make in India' programme, union finance minister Arun Jaitley today said higher wage costs in China give a great opportunity for India to turn into 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," he said while addressing the Annual Day celebrations at Shri Ram College of Commerce (SRCC) in New Delhi.
India is already armed with good human resources and institutions of various kinds, making the cost of capital reasonable, he added, obviously suiting his speech to the audience.
He did not, of course, make any mention of the infrastructural, regulatory and administrative constraints that seem likely to continue to prevent India from achieving its full economic and human potential.
The government has launched 'Make In India' initiative to increase manufacturing in the country. At present, the share of manufacturing in India's GDP is very less compared to developed nations.
On the conferring of the Bharat Ratna to former Prime Minister Atal Bihari Vajpayee, Jaitley said he is a "stalwart leader of the country".
"This is a proud moment for the country and all of us. He is a leader par excellence who worked tirelessly in the interest of nation.
"In this country, I think there would be very few people like him who is a good orator, an MP, a political leader, a thinker, a poet. We pray for his good health and long life," Jaitley said.