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.

By: PTI | Bengaluru | Published:August 7, 2016 10:00 pm
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.

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.

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  1. B
    Bijan Mohanty
    Aug 7, 2016 at 6:48 pm
    Modi's Make in India has become Break in India slogan through atrocities on Dalits and religious minorities. All these hollow slogans have been exposed.
    Reply
  2. T
    Tbkarki
    Aug 7, 2016 at 5:12 pm
    Mr.Chidambaram should go through Economy/Economist Views Regarding Performance /Growth f Present Govt. In last 2 YearsandWait for another 3 Yrs for better Economics Result?Being FM n last Congress Regime please come-out comparative performance instead f catching headOr Tail without narrative/Tabulated Performance?All citizens want positive Criticizm from Qualified Lawyer/Economist?Be Positive Election to UP Approaching?Goodluck@
    Reply