Entrepreneurship could be the differentiator in the Make in India campaign, as it has the potential to generate huge employment opportunities, says a report published jointly by Assocham and Thought Arbitrage Research Institute (TARI).
The Associated Chambers of Commerce and Industry of India and TARI’s report on Make in India states that only 2.54 per cent of the population aged between 18 and 64 own new business compared to 12.4 per cent in other similar economies like Iran and Vietnam. The number of entrepreneurs should increase from three crore to nine crore for India to catch up, the report said.
Kshama V Kaushik, Principal author of the report and Director of TARI, a non-profit organisation, said though there are lot of start-ups in services and mobile-technology sector, we need policies and funding that would accelerate the start-up ecosystem. Apart from entrepreneurship development, large manufacturing units, which have access to technology and capital, and micro small and medium enterprises (MSMEs) will be the major areas of employment generation, the report said. Being the youngest country having a ready-made domestic market and educated youth with higher aspirations from those of the past, Kaushik said engaging them in productive work will leverage the economy as the spending increases. While India can improve its trade by entering into trade agreements with other countries for mutual benefit, the country should be equipped to provide competitive products in terms of pricing and quality to avoid rejection.
Commenting on the problems such as dumping associated with trade agreements, DS Rawat, Secretary General, Assocham, said they could be avoided if they are examined and understood by the industry.
Ravindra Sannareddy, Chairman, Southern Regional Council, Assocham, saidimparting technical training and introducing vocational courses early in the school curriculum will reduce dependency on imports and help bridge the gap between the requirements and availability of talent pool.