Dinesh Awasthi, Director, EDI, is an economist with extensive experience in entrepreneurship education, research and training. He has worked extensively on policy issues related to SMEs with several multilateral agencies such as ILO, UNIDO and UND…
Dinesh Awasthi, Director, EDI, is an economist with extensive experience in entrepreneurship education, research and training. He has worked extensively on policy issues related to SMEs with several multilateral agencies such as ILO, UNIDO and UNDP as a consultant on several international assignments. Dr. Awasthi is a member of various apex committees and core groups of ministries of MSME, urban employment and poverty alleviation and Department of Science & Technology. In a free wheeling interview, he discusses the prospects for entrepreneurs in India. Below are some excerpts: -How have the past few years been for entrepreneurs? The past few years have been very encouraging. Until 1991, the economy was stifled because of restrictions, quotas, permits and red-tapism. Innovative and creative entrepreneurship was the casualty of crony capitalism. However, after the liberalisation, privatisation and globalisation which encouraged free flow of capital goods and services, India started becoming a global market. Until 2000, it was a period of adjustments and restructuring, but post 2000 there has been a growth period. The advent of IT substantially improved India's image. This led to knowledge-driven technologies such as biotechnology and nanotechnology. As government started opening up to ideas, an ecosystem has been created to encourage individuals to come up with innovative products. -What has been the success ratio of start-ups in India? It is estimated that 40% of the start-ups fail in the first 1,000 days of starting. India success ratio more or less mimics the global standards. In India, about 60-70% of the start-ups manage to stay afloat and are doing well. -What are your expectations from the new government? Prime Minister Narendra Modi has created a new ministry—the ministry of entrepreneurship—which I think is a commendable step. For the first time space has been created for entrepreneurship and we are looking forward to working closely with them. The primary thing on their agenda should be to create an entrepreneurship policy to create an ecosystem. Putting together a policy and a systematic movement is the first step in building a healthy, cohesive ecosystem. I hope the government is more open and encouraging. One good entrepreneur creates 10 decent jobs and hence it is in the interest of the government to promote entrepreneurship in a big way. Read the complete interview here : http://bit.ly/1k1mgkY