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Scope and role of entrepreneurship development in india
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Industrialisation is a very important aspect of a developing economy like that of India’s. Many moderate to radical steps have been taken towards creating a better industrial atmosphere in India. In the decades that followed India’s independence, under the leadership of some stalwart visionaries, India had embarked on a pro-socialist economic development. Many major industries like Steel Authority of India Limited (SAIL), Bharat Heavy Electricals Limited (BHEL), Oil and Natural Gas Corporation (ONGC), National Thermal Power Corporation (NTPC), Indian Railways, Indian Airlines, Port Trust of India (PTI), Indian Space Research Organisation (ISRO) etc. were undertaken as pure public sector industries. There were a few strong private sector industries too like TATA, Birla, Godrej, Bajaj etc. We can see most of these industries doing flourishing business in today’s time also. While these industries made a solid foundation for India’s industrial environment today, these also suffered from several drawbacks. To name a few: lack of modern and efficient technology, slackening productivity, stagnation, corruption and unbalanced industrial development. After the strong economic blow in 1989-90, to help the economy recover from this slowdown, India embarked on the path of Liberalisation, Privatisation and Globalisation, under the initiative of the present Prima Minister of India, Dr. Manmohan Singh. Since then, the Indian economy has been showing a steady increase in its GDP. And, today, the country is viewed as an important emerging economy of the future world. The Industrial sector of India can in turn be divided into three sectors: primary, secondary and tertiary. The primary sector refers to those industries which take their inputs of p... ... middle of paper ... ...uture well-being, are often reluctant to give away their lands for industrialisation. There are also the problems of corruption and lethargy in the corporate work culture that pervades the Indian industries. There is also a lack of investment on research and development in all sectors of industries. Thus, if industrialisation is to be the backbone of the economy, India still has to go a long way to achieve excellence. With the present rise of industries in India, we can say that a more holistic approach is needed to be taken towards an overall industrial development. Foreign and domestic entrepreneurs, big and small, have to be encouraged so that they invest on industrial development in all parts of the country and in all sectors of industries. Once India is successful in doing so, we will be truly able to see “India – the new superpower” within a few decades.
Though the world economy as a whole has grown in recent years, a factor that is not taken into account is that the number “of the poor in the world has increased by 100 million” (Roy 3). In other words, the gap between rich and poor is widening. For India, this has startling implications. Though it is a nation that is developing in many ways, it also is a nation blessed with over one billion citizens, a population tally that continues to grow at a rapid rate. This population increase will greatly tax resources, which can create a setback in the development process. The tragedy, of course, is that the world is full of resources and wealth. In fact, Roy quotes a statistic showing that corporations, and not even just countries, represent 51 of the 100 largest economies in the world (Roy 3). For a country struggling to develop, such information is disheartening. However, there is also a more nefarious consequence of the growing disparity between rich and poor, and power and money being concentrated in the hands of multinational corporations: war is propagated in the name of resource acquisition, and corruption can reign as multinationals seek confederates in developing countries that will help companies drive through their plans, resulting in not only environmental destruction but also the subversion of democracy (Roy 3).
...ricultural Sector (% of Total Nonagricultural Employment)." Data. N.p., n.d. Web. 03 Feb. 2014. .
India is a nation that is on the move towards becoming one of the leaders in the global economy. While the country still has a long way to go, it is making significant strides towards competition with nations such as the United States and England. Indian leaders have been moving towards "a five-point agenda that includes improving the investment climate; developing a comprehensive WTO strategy; reforming agriculture, food processing, and small-scale industry; eliminating red tape; and instituting better corporate governance" (Cateora & Graham p. 56, 2007). These steps are geared to begin India's transformation from a third world nation into a global economic leader. The current marketing environment in India is in transition, with both similarities and differences in comparison to the marketing environment in the US.
Manufacturing is the guide to industrialization and development of a nation. And machine tools is the back bone for manufacturing as it serves as the mother industry. India stands 16th in the production and 11th in the consumption of machine tools in the world as per the 2014 Gardner Business Media survey.There is a great support from government of India in promoting manufacturing industries. India is all set to become a key player in the global machine tools industry and is likely to see substantial high-end machine tool manufacturing. Industry experts say that the phenomenon is linked to the spurt in manufacturing. Since, the manufacturing capacity is stagnating and the growth rate for the machine tools industry falling
[6] Kripalani, Majeet & Egnardio, Pete. The Rise Of India. Business Week Online. December 8, 2003. http://www.businessweek.com/magazine/content/03_49/b3861001_mz001.htm
Subramanian, Arvind. India’s Economy is stumbling? The New York Times. August 31, 2013: A19. Print.
...an HDI of 0.36. These discrepancies in levels of development have led to an exodus of people, from less developed areas to the areas that have been benefitted by development. This situation seems to depict that predicted by the Dependency theory in which the developed countries progressed due to the exploitation of peripheral nations; the same seems to be happening in India. The states that are wealthier are exploiting the poorer states. It would be difficult to imagine India having the economic status that it now has, if it was not for the terrible working conditions and wages at which the Indians are willing to work and the massive work force available in the country. Now that India has seen economic growth the government should start taking care of its citizens by implementing policies that protect the labor rights of the workforce.
Moreover, China is the best example for how important is the government’s role in nations economy. Chinese government have created national team to focus on specific sectors such as electronics and automobile. (Sutherland,2003). As a result of this strategy, China became the biggest automobile manufacturer in the world by the end of 2012. Also, Chinese government is very successful to control financial markets and it owns 3 of top 10 banks in the world. On the other hand, in another growing state, India, government is applying different strategy rather than Chinese government that is based over encouraging foreign direct investments into the state by lowering tariffs. Eventually India has joined the top ten automobile manufacturers in the world and net profit of the companies has slightly increased by the end of this process (Sardy and Fetscherin, 2009)
Outlining the formal industrial relations systems in India and comparing it to Australian industrial relations systems. Describing the views on how appropriate Indian industrial system is for modern industry and commerce.
The Industrial Revolution is a term that all countries and societies will talk about for generations. The industrial revolution began in Britain in the 18th and later in the 19th century in other countries. Basically industrial revolution is the change that occurs to leave the hand tools and to start making machines. The industrial revolution is characterized by the transition of the agricultural jobs to the industries jobs such as; factory jobs and in textile companies. In the countries of Asia is which the industrial revolution is occurring today. This paper would demonstrate how Asia is leading the industrialization world now in this century, and shows some elements that Asia are using are.
It has been 66 years since India has gained Independence by driving away the colonial forces. From 1947 till date, India as a nation has successfully tackled and surpassed most of its hindrances to walk down the path of modernization, advancement and prosperity. But we shouldn't get disillusioned just by the rosy picture India projects on global forum as the other side of the coin highlights the gloomy portrayal of widespread corruption, mass unemployment, casteism, poverty and illiteracy which is steadily crippling the nation's identity. Despite many measures taken to eradicate i...
India's strategy for development has had many critics. It was pointed out that the emphasis on heavy industry
Here in this paper we will try to explain and understand the relevance of the various underdevelopment theories and different attributes related to the terms of the Indian Context. Before proceeding directly to the underdevelopment theories, it would be important for us to discuss Karl Marx’s proposition.... ... middle of paper ... ...
Indian population has a mixture of culture, variety of languages and difference in resources. The difference in occupational structure, literacy level, health status and other socio-economic factors among the states leads to the
“India was a latecomer to economic reforms, embarking on the process in earnest only in 1991, in the wake of an exceptionally severe balance of payments crisis”(Ahluwalia 2002).The idea being simple ,there was a need to ...