Opportunities And Challenges For Young Entrepreneurs In Changing Society: With Special Reference To Make In India Programme

Abstract

Entrepreneurship provides young people an opportunity to work on their own skills and interests and hence they can create their own employment. Encouraging entrepreneurship in young people is an important way of utilizing their enthusiasm, energy and ambition to contribute to economic development. It is commonly welcomed that entrepreneur’s create jobs, increase innovation, raises competition and is responsive to changing economic opportunities and trends. Young entrepreneurs can also act as role models for their peers and, encourage others to follow their paradigm. According to the World Bank’s World Development Report 2013, around 600 million new jobs will be required in the next 15 years to support a growing workforce. It is important to note that in most emerging economies, 9 out of 10 jobs are created by the private sector, which is the foundation of any thriving economy. In the coming years, developing countries must rebalance their economies towards greater domestic consumption, import demand and higher value business activity and hence, entrepreneurship is vital to the future of developing countries. The Indian economy has been affirming positive sentiments during the past few months. The macroeconomic indicators have also displayed an encouraging trend in the recent times. However, the situation of the manufacturing sector in India is a cause of concern. The recent measures initiated by the new government in terms of facilitation to industrial sector, creation of favorable environment for the manufacturing activities, focus on improving industrial policies and procedures and reforming labor laws have facilitated recovery in industrial sector. The Government recently launched the Make in India initiative which is expected to make India a manufacturing hub while eliminating the unnecessary laws and regulations, making bureaucratic processes easier, make government more transparent, responsive and accountable and to take manufacturing growth to 10% on a sustainable basis. Apart from initiatives such as development of smart cities, skill development, National Investment and Manufacturing zones, FDI enhancement, the government is building a pentagon of corridors across the country to boost manufacturing and to project India as a Global Manufacturing destination of the world.