Shaping The Economy: How Entrepreneurs Made Significant Contribution to Indian Economy!

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It’s a well-arrived consensus that about 50% of our population is engaged in agricultural and allied activities — an illustration of predominant unskilled and unlettered workforce in India. The scenario wasn’t the same as it was about 3 decades ago, as the numbers were immense. India’s socialist principles coupled with strict licensing system didn’t give any space to the private sector to grow, thereby confining the workforce either to remain in the agricultural sector or diverted towards the government jobs. However, the dynamics soon changed owing to the 1991 economic liberalization as it enabled millions of Indians to move away from low-productivity farm jobs to high-productivity factory jobs.

This became plausible due to a few exemplary visionaries who believed privatization is the way forward in the Indian economy. From there onwards, more and more industries are contributing to the Indian economic growth by employing most of the youth — helping India become a self- sufficient nation. However, in the recent times,  people have started asking more questions such as whether India’s industries can be self- sufficient or not?

For a developing country like India, there arises a need of adequate capital for it to flourish. In this setting, besides banks, NBFCs have played a huge rule in promoting inclusive growth in the country, by catering to the diverse financial needs of the bank excluded customers.

One such example of the recent times is Religare, which not just offers loans to Small and Medium Enterprises but also extends its support to affordable housing finance, Health insurance and retail broking. The company owes its success to its former Managing director Mr. Sunil Godhwani. Besides being a director, Godhwani was also a guide and mentor to Religare, with strategies and innovations as two of the key principles. When he joined in the year 2001, the company was a mere 10-member mono line broking led business, but thanks to his active participation, Religare became a diversified and well-regarded emerging markets with a capital of about US $3.1 Billion. Furthermore, the company also made its presence felt in over 15 countries across almost all the continents, employing over 14,000 people.
Additionally, Sunil Godhwani was also a director on the Board of Fortis, SRL, Ligare Voyages. He believes in leading from the front and has nurtured a culture that is entrepreneurial, result oriented, and customer focused. It is because of such visionaries that even the current government is advocating of the potential an individual possesses, thereby encouraging the youth to start their own business and contribute to the country’s GDP.

“Sharing the growth, sense of ownership, differentiation between ownership and management should be the core value of a visionary firm,” advised Sunil Godhwani to the new potential entrepreneurs and businessmen.

There are many more such successful examples of the visionaries who have shaped the market dynamics in India. From wanting government jobs to becoming an entrepreneur in India — a wave of change in Indian mindset is highly appreciable. With their contribution to the economy, these people continue to inspire millions of youth to achieve their dream by expanding the knowledge base and area of target. Certainly, progressing in the same direction, we are not far away from achieving the self- sufficient economy status in the future.

Last modified: September 20, 2019

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