Monday, December 18

The Need For More Entrepreneurship in India

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India is growing really fast in the developing world. Things have changed a lot since the coming up of economic reforms like Liberalization, Privatization and Globalization. As the country progressed, people now had more disposable income to spend on education. You hear of people completing 3-4 degrees from some of the top colleges. But in the end, most people end up working for another company all their lives.

Most people go for jobs and remain working all through their life till they retire. Many people get educated for the sole purpose of getting a well paid job that would last them all their life. It does guarantee their future. But it does not enhance it.

You hear of people completing their B.tech in IIT (Indian Institute of Technology) which is one of the best colleges in India and then enroll in one of the best business schools in India which is the IIM (Indian Institute of Management). The next thing you hear is that they are placed in big companies where they are paid well and they stick to working all through their lives. Their over-paid jobs could have easily helped them to organize capital for their own ventures, but they won’t.

If they had established their own ventures there would have been multiple advantages. Their expertise would have been used to create new products and market them to the world. We would be able to export more and earn more export revenue.

There would be more competition and as a result, there would be standardization of services and assurance of higher quality in products. With more competition, there would be a drop in prices.

With more business establishments established, there would be new fields and more employment would be generated. Here, one fully utilizes the knowledge he/she has earned.

With so much competition, foreign companies will be skeptical on opening up here and that would leave the whole market to Indian industries alone. This would ensure that Indian money is not drained out into the companies of other countries.

Here, the entrepreneur, the consumer and the nation would stand at the benefitting end as a result of increased entrepreneurship.

Therefore, the government must encourage more of entrepreneurship skills in India.

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