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An environment that fosters new business is fundamental to employment generation and economic development, said Kris Gopalakrishnan, Immediate Past-President, Confederation of Indian Industry.
A culture of entrepreneurship is needed as most employment generation happens in the first five years of a new business. This is followed by the next level of job creation when they evolve into large businesses, but that is few and far between, he said.
Small and medium enterprises account for nearly half the jobs generated in any economy and a vibrant ecosystem is needed to encourage new business creation. This is important for India to meet the target of creating over 10 million jobs annually, he said, addressing Startupreneurs, a seminar on start-ups organised by the CII.
At the event CII entered into an agreement with Indian Overseas Bank to nurture start-up businesses. Lakshmi Narayanan, Vice-Chairman, Cognizant Technology Solutions, said the macroeconomic environment is ideal for entrepreneurs to launch new businesses. He added that the Union Government’s ‘Make in India’ campaign envisages domestically-made products and services. Educational institutions are focussing on teaching entrepreneurship and the boom in e-commerce has given small businesses global reach, he said.
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