To develop and nurture the entrepreneurial sector, the support of the government is crucial. Policies need to be adopted that can give a fillip to this sector. The Indian government has taken several steps to ensure the growth of this sector and instituted several bodies to promote entrepreneurial development in the country.
SIDBI was set up in 1990 as the main financial institution for financing the small scale sector, providing development and support services for promoting small industries, and engaging with other institutions engaged in similar activities.
The National Science and Technology Entrepreneurship Board promotes entrepreneurship development through Science and Technology. This initiative has encouraged researchers and academicians in the field of Science & Technology to take interest in socially relevant entrepreneurial roles. Under the flagship of NSTEB, various institutes and training programmes have been formulated such as Science and Technology Entrepreneurs Park, Innovation and Entrepreneurship Development Cell, Entrepreneurship Development Program and many more.
To boost the services and manufacturing sectors, the Govt. of India chalked out a separate SMSE department so that these industries could receive sufficient attention and support. The MSMED Act was passed in 2006, which aims at providing guidelines for skill development of employees, management and entrepreneurs in addition to resolving many other issues.
According to a report by the NASSCOM, “India’s entrepreneurial growth can be accelerated by creating more conducive conditions – a catalytic government and regulatory environment, adequate capital flows (both debt and equity), support from businesses and society, and availability of appropriate talent and mentoring. India has the potential to build about 2,500 highly scalable businesses in the next 10 years – and given the probability of entrepreneurial success that means 10,000 start-ups will need to be spawned to get to 2,500 large-scale businesses. These businesses could generate revenues of Rs 10 lakh crore ($200 billion) – a contribution to GDP and creation of employment at the same scale as projected for IT and ITES industry.”
We at Unspun are doing our bit to support and nurture the entrepreneurial community. Recently, Unspun Consulting Group has set up a Center for Entrepreneurial Excellence(CEE). Through this, we plan to establish a forum for frequent occasions to bring together policy makers and entrepreneurs to promote better dialog between them. The upcoming event conducted by CEE, “Be Heard” is aimed to serve as a bridge between policy makers and entrepreneurs, so that the start-up community gets a chance to interact with policy makers, voice their concerns about entrepreneurial policies, and find out what policy makers can do to help them.