'India has great chance to become a manufacturing hub': BSE CEO
Mumbai, Feb. 27 - The Managing Director and Chief Executive Officer ( CEO) of the Bombay Stock Exchange ( BSE), Ashish Chauhan , on Friday said India has a great chance of becoming a manufacturing hub.
'Make in India' is the main plank and somewhere on the line we have lost the bus. Over the last thirty five years when China started coming up, we lost the bus on the manufacturing side and we made up partially through the services framework that we created. Without too much of thinking the services sector came into India, BPOs and other, which were the newer world and the older manufacturing came to China," Chauhan told ANI here.
Chauhan further said China will have less number of people coming at the job market for 2017 as compared to 2016 and that will continue because of the one child policy.
"India is going to remain young for the next 25-30 years. So, India has a great chance to become a manufacturing hub because the biggest issue in manufacturing is the ability of workers to learn newer technologies, newer things so that a lower cost can be set," said Chauhan.
"Second is the wage inflation i. e. ensuring when more jobs come in, the cost of the people doesn't go up too much. That requires lot of young people to be coming in the job market every year," he added.
Chauhan further said India is in a very sweet position today as compared to any other country with our large educated population and good infrastructure.
"So, I think it is very much going to be possible to do manufacturing big way in India. With the focus on infrastructure, we will also be able to move. We are a very small country as compared to any other in the world. So we will be able to move goods also easily," he added while commenting on his expectations from the Union Budget to be presented by Finance Minister Arun Jaitley tomorrow.
The Finance Minister earlier in the day presented the Economic Survey 2014-2015 in the Parliament.
The Economic Survey reviews the developments in the Indian economy over the previous 12 months, summarizes the performance on major development programmes and highlights the policy initiatives of the government and the prospects of the economy in the short to medium term.
The Economic Survey, which was presented a day before the NDA Government's first full Union Budget, highlighted that the Indian economy would grow by more than 8 percent in the 2015/16 fiscal year. (ANI)