A decade ago the word ‘entrepreneurship’ did not seem to hold as much value as it does today. The number of people willing to quit a high-paying job to start a business of their own and become an entrepreneur was excessively low. The only start-up that seemed like a valid option a few decades ago was a family enterprise. However, with changing times, the new Indian generation is rapidly stepping up to experiment, take risks, accept challenges, and put their skills to use in endeavours of their own. Today, India happens to be the world’s third fastest growing start-up eco-system, with as many as 3,100 start-ups.
The entrepreneurship drive was previously limited only to cities like Mumbai and Bangalore, the latter being the Silicon Valley of India. In fact, Bangalore is the only city in India which has been listed among the “Top 20 Entrepreneurial Hot Spots around the Globe”, as per a research released in 2013 by Intuit, a financial software firm.
But now, the trend of start-ups is steadily moving from the epicentre towards tier two cities. Owing to the IT boom which swept over India during the past few years, and success stories of start-ups like Infosys, Flipkart and Snapdeal to inspire them, the youth of India has nothing stopping them from turning their ideas into reality.
The only problem that the youth of the country may face while forming a start-up is that of capital. However, this issue could be solved by applying for a personal loan
. While the general perception is that applying for a loan can be complicated and uncertain, banks like IndusInd Bank make it easy and simple for their customers. The bank’s policies are accommodating, and its procedures are hassle-free with online applications, easy documentation, fast processing, and quick disbursal. The tenure of the loan may vary from one to five years, with the best interest rates.
With such financial aid plans designed specifically for the convenience of the entrepreneur, the future of entrepreneurship in India looks brighter and even more promising. If we look at statistics and facts, around 300 million people will join the country’s workforce between the years 2010 and 2040, creating an estimate of 10 million jobs a year. Another statistic suggests that by 2025, nearly 25 percent of the world’s total workforce will be in India. Naturally, the existing companies will not be able to provide employment to the entire workforce.
Such a need for new initiatives has played a leading role in driving the youth of the country towards start-ups and original endeavours. Merely forming partnerships with overseas industries will not be sufficient for the nation in the coming future. The empowerment of youth is of utmost importance, and associations like the National Skill Development Corporation should work towards creating business opportunities for youngsters. As can be seen from the successful examples of several other countries, small start-ups and local businesses prove of vital significance in promoting economy and employment.
The focus in the coming years should be on the development of skills and manufacturing locally, thus ensuring the achievement of a double-digit GDP growth for India as it moves on to become self-sufficient in the expansion and advancement of technology.