New Delhi, July 9 (KNN) India must have a model of industry and it must have an economy driven by entrepreneurship and innovation, Union Commerce and Industries Minister Suresh Prabhu said while addressing the students of National University of Juridical Sciences in Kolkata.

He said “In new India, we must make sure that India should be the dominant economy of the world and it must be driven by entrepreneurship and innovation.”

Further, he cautioned that the debated between public and private sectors should be judged solely by national interest and not by ideological considerations.

One needs to find out whether the public or private sector or both together best serve India’s interests in a given field, time, situation and circumstances, Prabhu added.

Speaking on the topic “Privatizing Public Sector: The Lessons Learnt and Way Ahead”, Prabhu said that we should not just swayed by ideology, neither we should say public sector will solve all the problems nor should be say public sector will not exist rather we need to find what is good for India

Besides, he said “what is good for India will change from time to time.”

Quoting the 1956 scenario, when parliament passed the industrial policy resolution which stressed on state control of the economy, he tried to make the audience understand that 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.

Stressing on the need to change with time, he said “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.”

Further, he added 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”, Prabhu added.

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".