Chidambaram Slams PM Modi's Make In India Initiative

Former Union Minister P Chidambaram 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.

Today it is not working. I am sorry to be blunt today, it is only a part of an event management," he said. visit us http://www.ripplesadvisory.com/aboutus.php or Get Two Days Free Trial just on One Missed Call @98-27-80-80-90  

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.