Sunday, Sep 25, 2022

Chidambaram slams PM Modi’s Make in India initiative

Chidambaram said the government must go back to the drawing board and find out ways to make India work.

Chidambaram, modi, narendra modi, make in india, modi make in india, P Chidambaram, india economy, india growth, india news Chidambaram was speaking at a panel discussion on former RBI Governor D Subbarao’s book. (Source: File)

Former Union Minister P Chidambaram on Sunday took a dig at Prime Minister Narendra Modi’s ambitious ‘Make In India’ scheme, saying it is not working and is only “part of an event management.”

“Make In India (scheme) to give a boost to manufacturing. It is not a question of whether it will work. It must work. Today it is not working. I am sorry to be blunt today, it is only a part of an event management,” he said.

Chidambaram was speaking at a panel discussion on former RBI Governor D Subbarao’s book “Who Moved My Interest Rate?” at the Indian Institute of Management in Bengaluru. He referred to UCO Bank Chairman R K Thakkar’s remarks that there was no credit demand in the manufacturing sector, which, he said meant no investments were being made.

“Just read the interview of Chairman of UCO Bank. He has said there is no demand for credit in the manufacturing sector which means there are no investments being made.” Thakkar had said in an interview to a newspaper that there was no demand for credit, at least in the manufacturing and the core sectors, there are no fresh investments.

Subscriber Only Stories
Re-Defining The Tradition In Folk Art: An Art Educator’s PerspectivePremium
Symbiosis School of Sports Sciences (SSSS) launches undergraduate program...Premium
MIT World Peace University launches Five-Year Integrated B.Tech with MBA ...Premium
Bring Home The Ultimate Solution For The Whole Family With Airtel Xstream...Premium

Chidambaram said the government must go back to the drawing board and find out ways to make India work. “It must move from event management to actual laying of foundation stones, actual bhoomi poojas and actual inauguration of factories. That is not happening,” he said.

Replying to a query, Chidambaram said the current account deposit is well under control. “I don’t think we have a Current Account Deficit that we have to be perturbed about. The current account deposit is well under control,” he said.

First published on: 07-08-2016 at 10:00:03 pm
Next Story

Putin thinks Trump is an unwitting agent of the Russia: Ex-CIA acting director

Latest Comment
Post Comment
Read Comments
Advertisement
Advertisement
Advertisement
X