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Entrepreneurial India
Long years ago we made a tryst with destiny, and now the time comes when we shall redeem
our pledge, not wholly or in full measure, but very substantially.At the stroke of the midnight hour,
when the world sleeps, India will awake to life and freedom. A moment comes, which comes but
rarely in history, when we step out from the old to the new, when an age ends, and when the soul of
a nation, long suppressed, finds utterance...
The New Wave of Reforms
Structural changes were made wherein many controls and regulations were done away with
and the tax systemwas made simple and fair. The License Raj (investment, industrial and import
licensing) was replaced with Liberalisation, Privatisation and Globalisation (LPG). The controls
on international trade (both exports and imports) and domestic and foreign investments were also
removed. Foreign trade was to become a significant part of the economy of the country in the
years to come...
New Age Indian Entrepreneurs:Weaving Long-lasting Success Stories?
Gita Piramal, a business historian and an acclaimed author said, “Traditionally communities like
the Marwaris, from the desert state of Rajasthan, and Gujaratis from western India dominated
manufacturing, while southern Indian Brahmins have a strong grip on the software industry.All this
is changing. TheMarwaris, who controlled Indian business for a half century are falling away fast,
while entrepreneurs have sprung up in all communities.”...
Long-term Sustainability of the New Age Entrepreneurs
Nevertheless, touting the entrepreneurial route is not an easy decision, given the high levels of
risk and uncertainty. In 1999 Nirmal Jain (Nirmal), founder and CEO of India Infoline, decided to
take a wild gamble by pinning up all his hopes on the internet wave. However, with the dotcom
bubble bursting in 2000, the company found itself in crisis.Nirmal said, “It was a challenge because
it was very difficult to attract and retain people also...
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