Entrepreneurship: Our Glorious Heritage

Abstract

India remained an important economic power in the world for centuries due to the entrepreneurial capabilities of its skilled artisans & craftsmen till the end of the Mughal period and accounted for one fourth of the world trade.Worldwide Small and Medium Enterprises have been recognized as engines of economic growth. In India, Medium and Small Enterprises (MSEs), which form 95 % of the industrial units, account for almost 40 % of the total industrial production and 34 % of the exports, providing employment to about 312.5 Lakh persons in 128.5 Lakh units in 2006-07.The “swadeshi” movement started in 1905, gave a further push to the promotion of Indian industries, providing employment to artisans and craftsmen. The movement, gave a new life to manufacturing entrepreneurship, particularly cottage industries sector. The enormous demand for factory goods created by the First World War (1914-18), resulted in the resurgence of entrepreneurship in India. By the end of Second World War, Indian entrepreneurs, had attained the capabilities and capacities to take over the businesses of the departing Britishers. After achievement of independence in 1947, the political leadership as well as the eminent industrialists in the corporate sector, were well aware of the contribution of entrepreneurship in industrial and economic development of the country. The leadership was also well aware of the role of small scale sector in the creation of employment for masses at low capital costs. The Industrial Policy Resolutions / Statements and other initiatives like provision of infrastructure, finance at concessional rates of interest and setting up of special organizations/ institutions especially for the promotion and development of small sector, presently called Micro, Small and Medium Enterprises sector, have put the economy on a fast growth track. Indian economy has become the second fastest growing economy in the world, even during the present worst economic meltdown period. With this backdrop, paper attempts to highlight the role of entrepreneurship in growth of Indian economy. Keywords: Entrepreneurship, Industrial Policy, Small Industries Corporation limited

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