‘Centre has created new opportunities for pvt sector’
   Date :10-May-2022

Centre has created 
WITH licence quota raj prevailing during the 70 years of Congress regime, the policy change brought in by the Central Government under PrimeMinisterNarendraModi hascreatednewopportunities forthe 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. The previous regimes had centrally-planned schemes withregulationoflimitedmanufacturing opportunities and the aspirations of core industrieswereclippeddespitetheir potential to boost manufacturing in the country, Sitharaman said while speakingafterpresentingthe‘Startup Dhruv’awardstostartups in the region, organised by Startup Academy. Thoughgood things happened after opening up ofthe economy in 1991 during Congress period, the policy change undertaken by the Modi Governmentprovided opportunities to private sector,particularlyMSMEs,she said, adding that barring a few strategicsectors,thesectorcan work together with PSUs in defence, space and atomic energy sectors. Appreciating the startups in Coimbatore, Sitharaman suggested them to utilise the ‘Web3 world’ to develop their businesses and take the country forward by taking up core sector projects. “I am asking a questiontoCoimbatore,this is a town where (late innovatorandindustrialist) GDNaidu lived and disruption was his philosophy. How he made things work amazed people. Today, we have come to the Web3 world. We use AI, Big Data, etc. These technologies give efficiency and if we deep dive, it can give progress to all sectors,” the Union Minister said. “As we are in the Web3 era, weexpect core industries togo from using some random patented innovative thoughts to using Web3,” she said. Web3 is a term referring to applications and websites on theInternetthatarebuiltusing blockchain technology. Stating that Coimbatore should look at its advantages and see what aspects can be scaled up with that technology,shesaidmanystartupshave leapfrogged using this in the world.