From the days of servitude in the colonial era to the day when India is becoming a global hub for services and manufacturing, entrepreneurship has come a long way.
• Making every bank to have a venture capital fund
• Making entrepreneurship a national mission.
• Allowing angel investors to have a free say
• Completely dismantle the concept of collaterals when it comes to funding a start up by a young person
• Setting up of dedicated venture capital funds for rural India
While the likes of G. D. Birla, Dhirubhai Ambani & JRD Tata among several others created a legacy of India's industrial prowess, this process has to be carried down to the lowest end of the society for a lasting culture of prosperity in India. Thankfully, India is increasingly becoming known more for their global appetite to acquire foreign companies (more than 350 foreign companies have been acquired in the last few years in deals worth more than $20 billion) and that is because of the sterling entrepreneurship of Indian Inc. If India has to vindicate the prediction of Goldman Sachs (by 2050 India would be the third largest economy of the world with an estimated GDP of $27.8 trillion) then entrepreneurship has to become a norm rather than an exception.
Sadly, the culture of enterprise hasn't percolated to the bottom of society where the parents prefer their children to have a government job rather then choosing the path of entrepreneurship. Things have worsened with government bottlenecks. Recent survey by a Global marketing firm has India ranked India at 134 (among 175 countries) in terms of the 'ease of doing business' and at 155 in 'dealing with licenses'!
For Indians to make their mark; some dreams will have to be lived and implemented, the Government needs to create an environment that doesn't perish them but rather support them.