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Centre has created new opportunities for private sector: FM Sitharaman

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

Nirmala Sitharaman | private sector | PSUs

Press Trust of India  |  Coimbatore 

Indian Finance Minister Nirmala Sitharaman (Photo: Bloomberg)
Indian Finance Minister Nirmala Sitharaman (Photo: Bloomberg)

With licence quota raj prevailing during the 70 years of Congress regime, the policy change brought in by the central government under Prime Minister Narendra Modi has created new opportunities for the by allowing them to manufacture products that were normally made by public sector units (PSUs), Union Finance Minister said on Monday.

The previous regimes had centrally planned schemes with regulation of limited manufacturing opportunities and the aspirations of core industries were clipped despite their potential to boost manufacturing in the country, Sitharaman said while speaking after presenting the 'Startup Dhruv' awards to startups in the region, organised by Startup Academy.

Though good things happened after opening up of the economy in 1991 during Congress period, the policy change undertaken by the Modi government provided opportunities to private sector, particularly MSMEs, she said, adding that barring a few strategic sectors, the sector can work together with 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 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.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, May 10 2022. 00:38 IST