OPEN APP
Home / News / India /  PM Modi gave manufacturing opportunities to private sector, especially MSME: Nirmala Sitharaman
Listen to this article

COIMBATORE : Union Finance Minister Nirmala Sitharaman on Monday said that the present Central Government under Prime Minister Narendra Modi had created opportunities for private sector to manufacture products, as ooposed to the scheme during the previous Congress rule. 

Harping on the 70 years before PM Modi came into power, Sitharaman said that earlier license quota was the norm which only allowed public sector units (PSUs) to manufacture products thereby limiting opportunities and the aspirations of core industries. 

The finance minister was speaking after presenting the 'Startup Dhruv' awards to startups in Coimbatore region, organised by Startup Academy.

She underlined the fact that the policy changes taken up by the Modi government benefitted private sector, particularly MSMEs, adding that barring a few strategic sectors, the sector can 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 question to Coimbatore, this is a town where (late innovator and industrialist) G D Naidu 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, we expect core industries to go from using some random patented innovative thoughts 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 advantages and see what aspects can be scaled up with that technology, she said many startups have leapfrogged using this in the world. 

"We should look at how we can use this in every sector, and how efficiency could be achieved in all stages. I want Coimbatore startups to show the way forward with Web3 technology," she said. 

"When you do that, all cities leading in the startup zone can grow and you can take startups to a whole new level. It can be used for not only cryptos, agri, analysis and standardising products but in every sector," 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 president G Karthikeyan said it has formed the academy to guide, enable and mentor startups in Coimbatore and surrounding areas. 

BJP Mahila Morcha president and MLA Vanathi Srinivasan, along with Lakshmi Machine Works Chairman and Managing Director Sanjay Jayavarthanavelu also addressed the gathering. 

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Close
Recommended For You
×
Edit Profile
Get alerts on WhatsApp
Set Preferences My ReadsFeedbackRedeem a Gift CardLogout