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Union Finance Minister Nirmala Sitharaman has said 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 private sector by allowing them to manufacture products that were normally made by public sector units (PSUs).

She said 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.

She said 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, and added that barring a few strategic sectors, the sector can work together with PSUs in defence, space and atomic energy sectors.