Igniting entrepreneurship for India’s growth

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Igniting entrepreneurship for India’s growth

By Ajay Kela

India is on the brink of a transformative era. Driven by the Viksit Bharat vision, its path to becoming a developed economy by 2047 hinges on accelerated economic and job growth. With over 65% of the population under 35, the country’s youth represent a vast pool of skilled talent and entrepreneurial potential, alongside a pressing demand for meaningful employment.

Entrepreneurship is more than a business endeavor—it catalyzes innovation, employment, and socio-economic progress. Startups have already created 15 lakh direct and decent jobs, and sectors like manufacturing, healthcare, education, green energy, agriculture, and digital services hold immense potential for further expansion. As a powerful job multiplier, entrepreneurship is critical for meeting India’s need for one crore new jobs annually, addressing the brain drain, and leveraging India’s demographic dividend for sustainable growth.

Expanding Entrepreneurship Beyond Metros

Entrepreneurship in India must extend beyond Delhi, Mumbai, and Bangalore to second—and third-tier cities. With a population of 140 crores, there is immense local demand in these cities and their vicinity for entrepreneurs to create businesses with 10, 100, or 1000 crores of turnover and thus create 50, 500, or even 5000 decent direct jobs per venture.

Additionally, India’s six crore micro, small, and medium enterprises (MSMEs) hold vast potential—if just 10% of them added 1-2 jobs annually, they could meet India’s need for one crore new jobs each year.

Technology: A Catalyst for Overcoming Barriers

Despite its potential, India’s entrepreneurs face hurdles such as limited access to finance and markets, knowledge gaps, compliance challenges, and limited expert networks to guide them through hurdles. Technology offers transformative solutions:

  • Fintech platforms like Razorpay and BharatPe provide credit access without traditional collateral, while Lendingkart simplifies digital lending.
  • Learning platforms like UpGrad, Coursera bridge knowledge gaps with entrepreneurship, financial management, digital marketing courses, etc.
  • Compliance tools such as Zoho Books and QuickBooks automate accounting and tax filings.
  • Networking platforms like LinkedIn and TiE Global connect entrepreneurs to mentors and expert networks, while AI-driven tools enhance access to curated advice.
  • Public Platforms like UPI revolutionize digital payments, empowering micro and rural entrepreneurs to scale their ventures.
  • Numerous AI-driven platforms enhance operational efficiency and support sustainable solutions, aligning with India’s green goals. While automation raises concerns about job displacement, strategic upskilling ensures that entrepreneurs and their workforce remain competitive in an AI-integrated future.

Building a National Jobs Platform

To further unlock India’s entrepreneurial potential, a National Jobs Platform that integrates solutions for nano, micro, and mainstream entrepreneurs, upskills talent and connects job seekers with employers in an open and accessible system could go a long way in accelerating India’s job and economic growth. This platform would include:

  • National Entrepreneurship Platform with programs for aspiring and practicing entrepreneurs to foster startup and small business growth.
  • National Skills Platform for employability, vocational training for job seekers, and skilling for nano- and microentrepreneurs to grow their businesses.
  • National Placement Platform to provide career advisory, placement services, and connections to local employment opportunities.

Powered by a mobile-first, video-centric, AI-enabled foundation, this integrated platform would provide a one-stop shop for programs from the government, the private sector, and foundations addressing entrepreneurs’ and workers’ immediate and pressing needs through best-in-class offerings. It would democratize access to entrepreneurial resources, markets, finance, talent, jobs, and upskilling opportunities, transforming job creation and economic progress—much like Aadhaar and UPI revolutionized identity management and finance.

A Path to Viksit Bharat 2047

Realizing Viksit Bharat by 2047 relies on nurturing entrepreneurship that creates businesses and transforms lives. By implementing inclusive policies, strategic investments, and technology-driven public-private partnerships, India can deliver accessible solutions for entrepreneurs and workers alike, unlocking unparalleled job creation and economic growth. Entrepreneurship can become a pathway to shared prosperity—now is the time to act. Join the entrepreneurial movement and help shape India’s future.

Source: Hindustan Times

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