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Most of the renowned companies, especially manufacturing industries went to China because of low wages and feasibility of working. But the trend has got changed as the increase in the wages or salaries may push the firms to tilt towards the developing nations like India, where the human resources are abundant.

Finance Minister Arun Jaitley today said that companies will come to India, while addressing the Annual Day celebrations at Shri Ram College of Commerce (SRCC), higher wage cost in China presents the best opportunity for India to turn into a global manufacturing hub.

"Wages in China have gone up. That part of the world is now becoming costlier. Can we, therefore, create a world class infrastructure in India," he said.

"Can the cost of our capital not be reasonable... All these issues of efficiency, quality improvement, that's where the opportunity awaits us in creating mass jobs and that is the best possibility of India (in) removing poverty," he added.

The government initiatives like ‘Make In India’, new reforms in taxation, and new clearance policies in empowering manufacturing sector can attract the investors. Projecting India as the destination for investing and a pool of qualitative resources will help the nation’s economy in better way.

-Kannamsai