India must ramp up its manufacturing sector to increase its share in global value chains and become self-reliant with the help of government policies, Finance Minister (FM) Nirmala Sitharaman said on Friday.
"Much against the advice given by some economists that India should no longer be looking at manufacturing or ramping up manufacturing, I would like to highlight the fact that manufacturing must increase... We need to have greater sophistication in our product manufacturing," Sitharaman said at the Confederation of Indian Industry's (CII) Annual Business Summit here.
Some economists, including former Reserve Bank of India Governor Raghuram Rajan, recently said India should focus on the services sector rather than manufacturing as it has missed that opportunity.
Sitharaman said the government was looking at the private sector as a partner in developing India and sees it playing a big role towards becoming a developed country by 2047.
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