Millennium Post

‘High China wages can help turn India into world production hub’

India is already armed with good human resources and institutions of various kind, making the cost of capital reasonable, he added. “Can the cost of our capital not be reasonable... all these issues of efficiency, quality improvement, that’s where the opportunity awaits us in creating mass jobs and that is the best possibility of India (in) removing poverty,” he said.

The government has launched ‘Make In India’ initiative to increase manufacturinghere . At present, the share of manufacturing in GDP is very less as compared to developed nations. On conferring of Bharat Ratna to former Prime Minister Atal Bihari Vajpayee, Jaitley said he is a “stalwart leader of the country”.

“This a proud moment for the country and all of us. He (Vajpayee) is a stalwart leader of country. 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 are good orator, MP, political leader, thinker, poet. We pray for his good health and long life,” the Finance Minister said.

Meanwhile, concerned over volatility in international oil prices, Finance Minister Arun Jaitley on Friday expressed hope that the situation in the Middle East will improve and the prices will stabilise.

“I am sure the last word on the economy of the oil has not been spoken yet. There are assessments, there are speculations, there are words of wisdom. We are passing through very fluid times and I would always hope that this fluidity settles down and the moderation comes to stay,” the Minister said at ‘Urja Sangam’ conference here. He was commenting on the volatility in the international oil market following attack by Saudi Arabia and its allies on rebels in Yemen.

Crude oil prices soared about 5 per cent yesterday on fears of impact on supplies. However, the Brent crude prices fell 90 cents to close at $58.29 a barrel in today’s trade. The stability in crude oil prices, Jaitley said, would also help in addressing issues concerning unreasonable concentration of wealth between producers as well as the consuming states. Yemen has border with key Middle East oil producers Saudi Arabia and Oman.

Concerns are being expressed that escalation of the crisis could disrupt oil shipments passing through the Bab el-Mandeb Strait, located between Yemen and Djibouti. As much as 3.8 million barrels of oil are transported from this route every day.
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