Entrepreneurship: Need of The Hour

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"Someone is sitting in the shade today because someone planted a tree long time ago"- Warren Buffet. Indian economy is one of the worst affected economies in the world amid coronavirus. GDP growth rate is -9.6 percent. India has entered into a technical recession for the first time as per an RBI official. If India continues to be in recession for several quarters then India may slip into an economic depression. The IMF(International Monetary Fund) on 24 June projected a sharp contraction of 4.5 percent for the Indian economy in 2020. Hence, this situation is very crucial and if neglected could turn into a catastrophe. 

The GDP during the April-June quarter had contracted a sharp 23.9 percent, the worst contraction in the history of the Indian economy due to novel coronavirus which resulted in a nationwide lockdown. The GDP for the July-September quarter contracts 7.5 percent as per provisional estimates released by the Ministry of Statistics and Program Implementation. The Centre for Monitoring Indian Economy said 50 lacs salaried people lost their jobs in July taking the total number of job losses to 1.89 crores. Salaried jobs are not easily lost, but once lost they are far more difficult to get. This happens because we do not have enough opportunities out there to get a job. 

If we look at some statistics, the world's richest 1 percent own 44 percent of the world's wealth as per the Credit Suisse Global Wealth Report. According to Forbes the world's 10 richest billionaires own 801 billion dollars in combined wealth which is greater than the total goods and services produced by most nations annually. The world has only 2,095 billionaires according to Forbes as of 18 March 2020. India has only 102 Billionaires which accounts for 1.25 billion people the 2nd most populous country in the World. Similarly, we have a total of 46.8 million millionaires which is again a not very significant number when 689 million people live in extreme poverty. The time has come to increase our vision and instead of looking for jobs we should start creating jobs. The best way to start creating jobs is not through traditional business but entrepreneurship. 

Entrepreneurship is the art of developing, organizing, and running a business alongside any of its vulnerabilities to make profit. The entrepreneurial vision is defined by discovery through risk-taking and is an essential part of a nation's capacity to succeed in an ever-changing and more competitive global marketplace. Entrepreneurship arises from a particular need and it fills voids in the market for e.g. Amazon and other e-commerce websites filled a significant gap and made global products available at one's doorstep. Facebook connected individuals and made a person socially available to the whole world. As of today, Amazon employs more than 11 lacs people across the globe and Facebook employs more than 50 thousand people across the globe. 

We need to create more entrepreneurs if we need to alleviate our economic conditions. There are a lot of domains in which we can excel and create new opportunities like technology, production, agriculture, manufacturing, etc. We need to focus on all the commodities which we are importing and start making those in India. Also, we should focus on the service sector and create more startups that can help provide services not only in our nation but worldwide which will give us lots of remittances. According to World Bank, India retained its position as the world's top recipient of remittances with its diaspora sending an astonishing amount of 79 Billion US Dollars back home in 2018. There are several government schemes to help entrepreneurs in their startups like Start-Up India, Atal Innovation Mission, Credit Guarantee Scheme for Startups, etc. Entrepreneurship is one of those solutions which gives a win-win situation for everybody because it will provide jobs to unemployed youth, better facilities for citizens in terms of better products and services. This will make India a strong economy and a world leader which will be able to contribute to the world in a more significant manner.



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