The government plans to address labour issues, infrastructure deficit and high cost of capital soon to meet the "uphill tasks" of raising share of manufacturing in GDP from 15 to 25 per cent, Finance Minister Arun Jaitley said here today. "I still find in merchandise products, our cost of capital, or labour regime, our infrastructure, the improvements which are required in our trade facilitation-- these still have to be assisted in order to bring down the prices of our manufactured products," he said. "And as part of 'Make in India' campaign these are special areas which we will have to address and address very soon.
The second aspect is that India has proved to be a competent services provider globally. "Our success in IT and ITes are well known... Several US Presidents have tried to impose restrictive regimes on outsourced services to save jobs in the US. "But that indirectly translated in simple languages means that you are compelling the US consumers to buy costlier services from within their own country when the same service is available almost in same real time at a fraction of that cost outside. This rules have substantially not succeeded," he said. Talking about sunrise sector, the Finance Minister said, India is beginning to create impact in pharma sector. The other sectors which have potential for growth are health care, Research and Development, tourism and education. "I think these are areas we need to be aggressive on," he added.