India’s growth is predicted to be exciting. In 2015, Business Today in India reported that India has more than 48 million small businesses. This was more than twice that of USA’s 23 million small businesses. The medium, small and micro-enterprises sector in India provide employment to over 80 million people.
Small, medium and micro enterprises, through more than 6,000 products contribute 8{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} of GDP, 45{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} of the total manufacturing output and 40{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} of the exports from the country. Entrepreneurs fall into this category and will be a major catalyst for positive change and growth in the industry across the country.
Over 65 percent of this country is below 35 years of age. As one of the youngest countries in the world, our youth are getting used to having to make more space for themselves.
The current generation of youngsters doesn’t want to be job seekers. The youth wants to be job creators—Narendra Modi, PM
Success Stories
India has many entrepreneurship success stories to draw on to inspire new generations, but the most inspiring success stories are those of this generation of India’s up-and-coming entrepreneurs.
Flipkart, India’s big home-grown e-commerce website was started by Sachin and Binny Bansal as an online bookstore with only Rs. 40000 as capital.
Vijay Shekhar Sharma, the creator of PayTM, was another entrepreneur who started with nothing. Once he had succeeded, he gave away 4 {ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} of his equity to his team, showing loyalty.
Start-Up India
The Prime Minister’s 2016 announcement that he intended to promote startup culture in India has come none too soon. The Action Plan has three sections:
• Simplification and Handholding
• Funding Support and Incentives
• Industry-Academia Partnership and Incubation
The government’s efforts are marked by a multi-pronged strategy that will reduce bureaucratic measures that are time-consuming and complicated, and provide valuable knowledge and mentorship to clever young people who need a bit of help.
Our dedication is tough, and our slogan is to substitute Red Tape with Red Carpet– Narendra Modi, PM
Many entrepreneurs in India have responded positively to the PM’s actions.
I think PM Modi put a step further in sustaining start-ups in India in a way that I have not witnessed in the world today.—Adam Neumann, CEO of WeWork
What PM Modi has done for the start-ups is commendable and will go a long way in boosting the start-up eco-system in the country. India ranks 3rd in tech start-ups and 5th in all start-ups globally. This will positively pull up points for us. We can expect to be in the 2nd place in a year. —Rajat Tendon, VP, 10,000 Start-ups, NASSCOM
What’s the 411?
Major events during 2016’s Global Entrepreneurship Week have shown that India’s entrepreneurship ambitions are making its presence felt globally. India was announced as the next destination for the annual Global Entrepreneurship Summit.
Recognising the importance of enabling and fostering the environment for empowering entrepreneurs and innovation, the United States welcomes India’s hosting of the 2017 GES—Press Statement, White House.
Startup Ashoka saw over 100 students present and pitch their ideas, and learn practical and skilled decision-making from each other.
The ThinkBig conference brought together over 2000 women entrepreneurs in an event hosted by WeConnect and the Karnataka government. Indian female entrepreneurs lag behind woefully: only 14 per cent of India’s business establishments are run by women, but this is a hopeful sign.
Government Needs to Help
Entrepreneurship may dream big, but it starts small. This is typically not a bad thing, as we have seen in the past: those who succeed, succeed big. However, as the government itself has already realised, with the high capital costs of setting up a business today, even the most innovative and brave young people could do with a little help.
With training and other help from the government, losses can be kept to a minimum, and more and more success stories can be expected. With the amazing things our people have done without backing, imagine what they will do with help!

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