During this time of global recession, manufacturers should not expect much growth from export sector, but should emphasise on domestic economy.
Reserve Bank of India (RBI) regional director Rashmi Faujdar said this during a seminar on 'Make in India: Challenges and Opportunities' held in collaboration with Centre for Trade Facilitation and Research in Textiles (C-TFRT) at Sri Aurobindo College of Commerce and Management on Saturday.
"Focus should be given to stimulate domestic demand in the country. There is a need for high saving in the country," she said.
Faujdar shared that Prime Minster Jan-Dhan Yojna is a very useful step in the direction of making Indian economy stronger during this period of time. She also said RBI was taking several initiatives to make interest rate flexible.
Event organising secretary Harish Anand discussed various approaches (growth models) and highlighted the contribution of professor BR Shenoy and his famous "note of dissent" in the post independence economic history of India, which foreseen the critical role of private sector in the growth of Indian manufacturing and economy.
Suresh Kumar Chaddha from University Business School, Chandigarh, read the key note address and stressed upon the need for changes in the education system to produce skilled manpower capable of adding values, taking risk and doing innovation. He stressed upon the need of doing research to address the local industry problems as being done in Japan.
Educationist Prem Kumar, Vardhman Textiles managing director DL Sharma and Lakra Group managing director Dinesh Lakra informed the audience about the growth of textile industry and issues confronting Ludhina textile industry specifically.