Referring to the geopolitical developments that have been taking place in the last few years, he said, “India has enormous potential to achieve GDP growth “The growth rate of the Chinese economy is around 8% per year. If you look at the geopolitical developments, these have made most countries wary of China, and those opportunities are now shifting to other countries. So countries like Bangladesh, India, Vietnam, Indonesia and Thailand have huge potential. Sadly, Bangladesh, of course, is going through a crisis right now and we all need to pray and hope that things calm down there so that not too many lives are lost.”
Speaking on how India can achieve rapid growth with the right leadership, Veeraswamy said we should take a step forward and move from “Make in India to Think India”.
“If you look at intellectual property industries, like Google and Facebook, they are all industries that don’t have a lot of capital. There’s only human capital and everything else is intellectual. So if people venture into those kinds of activities, it’s kind of… artificial intelligence —which is the next big thing that will surprise the entire world—then I think we definitely have enormous potential to succeed,” he said.
The MP, who lauded the Tamil Nadu government’s efforts in building adequate infrastructure that could help boost entrepreneurial initiatives, said that what is most important is a reliable supply of electricity, water and good road infrastructure. “Tamil Nadu has been providing this for the last few decades. On electricity, there is a 20% subsidy for the first three years. This is a great incentive for people who want to start a business. So, the government has always supported people who want to start their own businesses and anyone who wants to start a new business can approach the guidance department,” he said.
During the interactive question-answer session that followed the address, the MP spoke about the importance of having a separate ministry for micro-industries. “I have been urging the government to do this. Because the moment they (micro-enterprises) are lumped together with medium and small industries, their problems are not heard properly and their issues are not addressed separately. That is why we are in the process of trying to convince the government on this aspect,” he said. Alluding to how the Tamil Nadu government has taken several initiatives to encourage women entrepreneurship with subsidies and interest subventions, Veeraswamy pointed out that Tamil Nadu has the highest number of women entrepreneurs. “Around 25% of our MSMEs are women entrepreneurs. I think that is very laudable,” he said.
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