Rise of Entrepreneur Class in India

Rise of Entrepreneur Class in India

Entrepreneurship is not new to India

Road Map - Part 1

Road Map - Part 2

So lets start discussing the roadmap.

Golden Bird – India: We all know that our religious books evidenced the emergence of traders in the Indian Society. Although from the Indian History it can be found that on a major basis it all started with Kanishka Empire in the 1st century which started nurturing Indian entrepreneurs and traders. Following that period, in around 1600 A.D., India established its trade relationship with Roman Empire. Gold was pouring from all sides. In the pre colonial times the Indian trade and business was at its peak. Indians were experts in smelting of metals such as brass and tin.

Swadeshi Movement: Then came the Portuguese and the English both around 1600 A.D. They captured the Indian sea waters and slowly entered the Indian business. They forced the entrepreneurs to become traders for them. This was the main reason for the downfall of Indian business in the colonial times which had its impact in the post-colonial times too. The colonial era make the Indian ideas and principles rigid. Then In 1905 After the downfall of the economy, the first movement came to refurbish the economy was the SWADESHI MOVEMENT, the earlier version of today’s Make in India Campaign was launched in 1905 during the pre-Independence era to boycott British made goods and use Indian made goods. The movement saw the development of the Indian textile industry, the iron & steel industry by the Tatas, publishing of vernacular newspapers, setting up of vernacular medium educational institutions, financial institutions etc.

Industrial Commission Report: As quoted in the very first slide Entrepreneurship is not new to India. In fact Indian Industrial Commission Report (1916-1918) quoted that at a time when the West of Europe, the birth place of modern industrial system, was inhabited by uncivilized tribes, India was famous for the wealth of her rulers and for high artistic skill of her craftsmen. And even at a much later period, when the merchant adventures from the West made their first appearance in India, the industrial development of this country was, at any rate, not inferior to that of the more advanced European nations.

Industrial Regulation and Development Act: Then After Independence for taking the economy on track the Government had passed Industries Regulation and Development Act in the year 1951 to promote the entrepreneurial ecosystem after Independence for economic growth of the nation with the growth of businesses.

EDSUS: At that time, Before 1960, the SSI are being regulated by the Industries Regulation and Development Act itself, the country did not see the entrepreneur emerging at the desired rate in the nation, then identified that there is a need of entrepreneurial skills among the Indian Youths. So, government has launched Entrepreneurship Development and Skill Upgradation Scheme, under which government has set up 3 national level entrepreneurship development institutes which we will discuss in the further slides.

MSME Act: Earlier to the MSME Act the Small Scale Industries (SSIs) were regulated by two sections of the Industries Development & Regulation Act, 1951 which led to absence of an institutional regulatory and consultative mechanism to capture and guide the progress of an SSI unit from being a micro unit to a small scale and eventually to medium scale one. The earlier act was not performed well in promoting the MSMEs. So, To promote self-employment as a means of job-creation and to promote entrepreneurship for further job creation, the Micro, Small and Medium Enterprises (MSME) Act, 2006 was enacted to facilitate the promotion, development and enhancing the competitiveness of micro, small and medium enterprises.

Incubators Scheme: After the implementation of MSME Act, still the ecosystem is lacking the entrepreneurial and managerial support to the small budding entrepreneurs. So, govt. has launched a scheme for Providing Support for “Entrepreneurial and Managerial Development of SMEs through Incubators” in implementation since 2008.

Internet Revolution: Somewhere at that time the youth of India started using Internet at a very huge level, then started the internet revolution in the country and the compliment of starting the Industrial revolution goes to the social media, they have connected the world through internet.

Startup Revolution: As stated the internet Revolution took place in India because of Social Media and after internet revolution the e-commerce and IT sector took a boom in India. Technology transforms the way of doing business. The companies like OLA, Flipcart etc. have emerged instantly after internet revolution.

Latest Policy Initiatives: The changed is also witnessed by Prime Minister Narendra Modi. His government has launched several schemes for promoting entrepreneurship in India like the Make in India etc. and to give boost to the Make in India programme, the MSME Ministry has launched the ASPIRE scheme in March 2015, a Scheme for Promotion of Innovation, Rural Industry and Entrepreneurship. The objective of the scheme is to set up a network of technology and incubation centers to accelerate entrepreneurship and also to promote start-ups for innovation and entrepreneurship in agro-industry.

To ease the credit availability requirements of startups the Government had announced the MUDRA scheme- Micro Units Development & Refinancing Agency, operated by SIDBI for providing refinance to micro units. Technology is playing a huge role in business models now-a-days, taking this in mind the government has also launched Digital India. Digital India Programme has been launched to provide broadband connectivity in rural and urban areas and with an objective to connect the untouched areas of India virtually to promote the talent of Indians. Introduction of digital rural connectivity would give a big boost in developing traditional rural arts, crafts or other innovative ideas into business models.

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