Congress clipped private industries: Nirmala

COIMBATORE: Union Finance Minister Nirmala Sitharaman on Monday said the erstwhile Congress regime had clipped the aspirations of industries due to their flawed policies, whereas the BJP has created opportunities for the private sector.

“During the Congress regime, everything related to industry was designed and decided centrally. Even when core industries had the potential to manufacture more, their aspirations were clipped due its policies,” she said, while speaking at ‘Startup Dhruv’ awards function organised by The Startups Academy, an NGO.

“The BJP-led Centre has opened up opportunities to the industries. Today, the private sector was allowed participation in defence, atomic energy and any sector that boosts growth of the country and industry. As many youth came up with innovations, in 2015, opportunities were given to startups with bright ideas to work with core sector projects,” Nirmala said.

Referring to Centre’s forward looking policies for startups, she said prime among them were abolition of angel tax, I-T exemptions for three years and capital gains tax exemptions for investors.

Participating in a felicitation event organised by All Textiles Associations, Nirmala Sitharaman said “The government has taken the issue of shortage and rise in price of yarn seriously. The import duty on cotton was removed. A demand has now been made for action against hoarding. Even the state could act. Do those involved in cotton and yarn trade in TN not hoard them?” she asked.

Further, she said that the Centre will look into supplying cotton directly by Cotton Corporation of India to mills to prevent middlemen.

She also launched ‘Amutham,’ a scheme by Coimbatore South MLA Vanathi Srinivasan to provide free milk to nursing mothers and infants.