India needs to be low-cost hub for success of 'Make in India' : Jaitley(Update)

Finance Minister Arun Jaitley on Friday said the country will have to become a low-cost manufacturing hub to ensure the success of Prime Minister Narendra Modi's ambitious 'Make in India' programme.

Jaitley also said the low cost manufacturing is key to sell one's products at international level.

Addressing the Economic Times National Cost Convention, 2016 here, Jaitley said India has the potential to provide low cost services.

"If Make in India has to succeed, we actually have to become a low-cost manufacturing hub. And I think there are several global factors which collectively are suiting us," he said.

He said in order to cut costs both at micro and larger level, various areas have to be tackled.

He further said that India continues to be low cost manufacturing destination, adding that cost has become key in both goods and services in global market.

"The world has never seen this kind of low price regime. And India as a net buyer benefits from this low price regime. It is extremely important at this junction we fully make use of this global situation," Jaitley said.