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Former RBI Governor Raghuram Rajan has said that India has done well in areas like infrastructure in the last 10 years, but it also needs to do more in other sectors to boost local manufacturing and job creation. He further said the government's focus on production, whether it is goods or services is a good thing, but it is also important to do it the right way. He also pitched for more ease of doing business, especially with regard to government policies and less fear of raids by inspectors or tax authorities, etc. Observing that there is a package which propels economic growth, he said ‘If we focus on that, I think that would strengthen the concept of Make in India.’

The former RBI governor also emphasised that the government need not dismiss criticism of its policy by saying that there is some vested interest or some hidden agenda. Under the 'Make in India' initiatives a series of measures have been taken by the government to boost local manufacturing and exports. These initiatives include the rollout of production-linked incentive (PLI) schemes for 14 sectors, ease of foreign direct investment (FDI) norms, reduction of compliance burden, single window approval system, and the national logistics policy.

Asked whether 7 per cent economic growth is enough for India to achieve the third largest economy status in this decade and become a developed nation by 2047, Rajan said ‘if we grow at 7 per cent, then we will be past Germany and Japan in 2-3 years. That is not something which is out of the realm of possibility, it will happen.’ Currently, the size of Germany's economy is about $4.5 trillion and Japan about $4.2 trillion. The size of India's economy is $3.7 trillion at present.