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.

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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.

“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 .

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)