Unlocking the potential of Indian Entrepreneurship
A working population of about 850 Million makes sheer size of the Indian market as very large. Amongst the BRICs countries (Brazil, Russia, India, and China), India has the highest percentage of people in the working class (source: Goldman Sachs BRICS Report). Research shows that a very large proportion of this working age population will go into self-employment. The well-travelled, net-savvy Indian is identifying gaps and opportunities and examining the possibility of converting these opportunities into viable business models.
Challenges: World Bank’s Report
India is ranked 130th out of 189 economies on the ease of doing business, 133rd on the ease of trading across borders and 157th on the ease of paying taxes. India is ranked 155th in case of starting a business. On an average, Indian businesses need to make 33 tax payments annually with around 243 hours spent to prepare and pay taxes in a year
General National Framework Conditions
A country must create certain ’General National Framework Conditions’ which can generate not only the opportunities for entrepreneurship but also the capacity for entrepreneurship. To produce successful business builders in India, it is imperative to create the right socio–political environment.
The article has been penned down by Rabindra Shrestha, Managing Partner, Presteller Ventures