Budget 2015: 'Make in India' to make India manufacturing hub

Finance Minister Arun Jaitley, emphasising the thrust need to encourage entrepreneurship and businesses in India, in his budget speech said that the government will aim to make India a manufacturing hub with the 'Make in India' programme.

While acknowledging his government's aim towards greater fiscal consolidation, Jaitley in his budget speech said that he will be able to meet the stated 4.1% fiscal deficit target for the current fiscal year.

Stating that the government is committed to maintaining a fiscal deficit target of 3% in the medium term, Jaitley said, "The fiscal target is 3% for FY 17-18. Fiscal consolidation is on track."

Stating that Budget 2015 comes in the backdrop of a better growth environment than in the past, Jaitley today said, "World predicting that it is India's chance to fly."

"India is going to take off on a faster growth trajectory." "While global growth forecasts have come down, India's forecasts have either been maintained or scaled up," Jaitley said in his Budget speech.

Calling 'Make in India' a flagship initiative, the Economic Survey 2014-2015 on Friday highlighted the importance of balancing between both 'Make in India' and 'Skilling India'.

However, the Economic Survey observed that manufacturing productivity in India lags behind other nations. The survey pointed out that all Indian states exhibit declining share of manufacturing in the state GDP.

The registered manufacturing must be expanded to take leverage of India's abundant unskilled labour. While "Make in India" occupies prominence as an important goal, the future trajectory of Indian Development depends on both "Make in India" and "Skilling India", the Economic Survey said.