Entrepreneurship Should Drive Economy In New India: Suresh Prabhu
Kolkata: New India should have an economy driven by entrepreneurship and innovation, Union Commerce and Industries Minister Suresh Prabhu said here on Saturday, cautioning that the debate between public and private sectors should be judged solely by national interest and not by ideological considerations.
"In new India, we must make sure India should be the dominant economy of the world, India must be a model economy of the world, it must have a model industry... India must have an economy driven by entrepreneurship and innovation," Prabhu said here.
Addressing students of National University of Juridical Sciences, the Union Minister said one needs to find out whether the public or the private sector or both together best serve India's interests in a given field, time and situation.
"We should not just be swayed by ideology. We should not say public sector will solve all the problems nor should we say public sector will not exist. We must find out what is good for India. And that what is good for India will change from time to time," Prabhu said speaking on the topic "Privatising Public sector: The Lessons Learnt and Way Ahead".
Turning to 1956, when Parliament passed the Industrial Policy Resolution that stressed on state control of the economy, Prabhu said: "There is no point in now saying whether it was right or wrong. May be it was right. But just because it was right in 1956, one should not assume it will be right in 2018.
"We have to keep evaluating the situation, and take right decisions. Future of public sector is not as important as future of India. What is important is future of India," he said.
He said that in a changing world, one needs to be flexible with ideas about the development of the country.
"What is necessary for India will keep on changing because the world is changing. So if we just take one idea and say we won't look at any other idea as our idea is the best, that will be akin to an ostrich mentality."
Without naming any country, he said the nations which did not change with time were now struggling, "trying to come out of the shell, and make new friends, just to integrate into the new economy".
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
-
Everything, Everywhere, All At Once: Dalal Street's Week To Forget | Joining The Dots
Visa curbs, a Starlink spat and cancer drug caps: what connects this week's shocks for Indian markets
-
India Is Going Abroad For Critical Minerals. But It May Take Years To Pay Off | The Reason Why
Although India's steps are in the right direction, they remain modest compared with India's growing dependence.
-
When Everyone Has AI, What Gives You An Edge?
India's young workforce is entering an uncertain world of work where powerful AI tools are becoming widely accessible. The advantage will belong to those who combine deep expertise with digital fluency, and the distinctly human capabilities that technology cannot manufacture.
