New Delhi: Finance Minister Nirmala Sitharaman on Friday said India needs to ramp up its manufacturing sector to increase its share in the global value chain and become ‘Atmanirbhar’.

Addressing the captains of the Indian industry at a CII Annual Business Summit, the minister also underlined the need of achieving greater sophistication in product manufacturing and policy support.

“I also want to underline much against the advice given by some economists that India should no longer be looking at manufacturing or ramping up manufacturing. I like to highlight the fact that manufacturing must increase. India must also increase with the help of policies its (manufacturing) share in the global value chain,” she said.

Some of the economists including former RBI Governor Raghuram Rajan have expressed the opinion that India should rather focus on the services sector rather than manufacturing as it has missed that opportunity. China’s model of manufacturing-led growth cannot be replicated any more.

Need to focus on economic priorities: Jaishankar

As India sees robust growth, sweeping reforms, radically improved governance, fiscal discipline, infrastructure progress, rapid digitisation and focus on developing skills, we must recognise that our economic priorities will have to align with our strategic interests, EAM S Jaishankar said here on Friday. Addressing the ‘CII Annual Business Summit 2024’ in the capital, EAM Jaishankar said the embassies will continue to extend their fullest support to the economic and employment interests abroad.