The center under Pm Modi has created new opportunities for the private sector to manufacture products made earlier only by Psus: Fm Sitharaman

With the raj license quota in effect during the 70 years of Congress rule, the policy change introduced by the central government under Prime Minister Narendra Modi created new opportunities for the private sector by allowing them to manufacture products that were normally made by public sector units (PSUs), Union Finance Minister Nirmala Sitharaman said on Monday.

Previous regimes had centrally planned programs with regulation of limited manufacturing opportunities and aspirations of basic industries were curtailed despite their potential to boost manufacturing in the country, Sitharaman said after presenting the “Startup Dhruv” awards. ” to startups in the region, organized by the Startup Academy.

Although good things happened after the opening up of the economy in 1991 during the Congress period, the policy change undertaken by the Modi government has provided opportunities for the private sector, especially MSMEs, he said. she said, adding that except for a few strategic sectors, the sector can work together. with PSUs in the defence, space and atomic energy sectors.

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Appreciating Coimbatore’s startups, Sitharaman suggested they use the “Web3 world” to grow their businesses and move the country forward by taking on grassroots industry projects.

“I ask Coimbatore, it’s a city where (the late innovator and industrialist) GD Naidu lived and disruption was his philosophy. The way he made things work amazed people. Today, we have arrived in the world of Web3. We are using AI, Big Data, etc. These technologies give efficiency and if we go deeper, it can advance all sectors,” said the Union Minister. “As we are in the era of Web3, we expect major industries to move from using some random patented innovative ideas to using Web3,” she said.

Web3 is a term referring to applications and websites on the internet that are built using blockchain technology. Stating that Coimbatore should look at its benefits and see what aspects can be scaled with this technology, she said that many startups have passed the stage of using this technology globally.

“We should consider how we can use it in each sector and how efficiency could be achieved at all stages. I want Coimbatore startups to lead the way with Web3 technology,” she said .

“When you do this, all the leading cities in the startup zone can grow and you can take startups to a whole new level. It can be used not only for cryptos, farming, analytics and standardization products, but in all sectors,” Sitharaman said. If Coimbatore tries to be a pioneer in Web3 technology, it can achieve a unique place and the city can lead the way in the country, she said.

Startup Academy Chairman G Karthikeyan said he formed the academy to guide, enable and mentor startups in and around Coimbatore. Vanathi Srinivasan, Chairman of BJP Mahila Morcha and MLA, and Sanjay Jayavarthanavelu, Chairman and CEO of Lakshmi Machine Works also spoke.

(Edited by : Anand Singha)


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