As the government tries to attract foreign companies to set up production hubs in the country under its Make in India campaign, Finance Minister Arun Jaitley on Saturday said India has the potential to provide low-cost services, which is crucial to provide services in international markets.

“Cost has become the key in both goods and services in the global markets,” he said while addressing the National Cost Convention, adding that a number of issues both at the macro and micro level need to be tackled to cut production costs.

His comments come just before the Union Budget 2016-17 where there are expectations for further policy measures to spur the Make in India scheme as well as make exports more competitive.