Young India should consider entrepreneurship as a viable option

No.PR-130 January 24, 2020 New Delhi Young India should consider entrepreneurship as a viable option The power of an idea that is scalable and innovative has a great chance of success in the market place if the young entrepreneur develops the three Ps – passion, perseverance, and patience. Advising the students representing the young India at the Seminar on Entrepreneurship in India: Opportunities and Challenges With Special Focus on IPR held at Gautam Budha University in Noida, Mr Anil Khaitan, Chief Guest & Former President, PHD Chamber of Commerce and Industry, said that these three qualities will stand them in good stead for success in anything they chose to do in life. Today there is a nice ecosystem supporting entrepreneurship in the country, he said addressing the seminar organized jointly by the PHD Chamber of Commerce and Industry, Ministry of Micro Small & Medium Enterprises – Government of India and Gautam Budha University. The young should take full benefit of the facilities that exist and become the harbingers of growth in the country. Try to be inquisitive, which will enable you to become innovative and creative, said Mr Khaitan and he asked the students to develop moral and physical strength that will take them places. Taking the students through the various schemes and programmes of the government to encourage entrepreneurship among students, Mr Panneer Selvam, Principal Director, MSME Tech Development Centre, Government of India said the money was not a problem in starting a new business in the country anymore. The MSME ministry will give up to Rs 15 lakh for a business idea – either an innovative product or a process – if accepted as a grant for students, he said urging the participants to make use of the facility. There are several benefits ranging from seed capital, cheaper loans, no taxes for three years for those companies registering for Start-Up India Programme, added Mr Panneer Selvam. The need of the hour is to think smart to create smart products and manufacture them in a smart manner and market them smartly, he said. There are 18 ministries in the Government of India that are encouraging Start-Ups, he said. Mr Sameer Nayyar, Chair, MSME Committee, PHD Chamber, gave an overview of economic development since Independence and said the economic reforms of 1991 brought Indian traditional companies in direct competition with MNCs but this also made Indian entrepreneurs explore new avenues and businesses. A first-time entrepreneur Mr Sunil Mittal entered into telecom business and made history. Today college and university students are coming out with startups, he said and further added that incubation centres are running in many educational institutions. Entrepreneurship is the need of the hour; Mr Nayyar said and added the younger generation should become job creators through entrepreneurship. Prof. Bhagawati Prasad Sharma, Vice-Chancellor, Gautam Budha University, stressed the need for innovations and securing IPRs on them for success. The more patents we have the more successes Indian companies will have in India and in international markets, he said. Entrepreneurship depends on innovations, he said and added unless we have Indian products and Indian brands, Indian companies will not thrive. Like our neighbouring country, China, India should also try and develop alternate products and capture markets, he said and cited the example of a Chinese operating system for computers. If you have an idea, patent it, he advised the students and urged them to participate in the next idea’s contest that will be held by the university soon. The university will help the winners by facilitating funding for their projects, Prof. Sharma said. Mr. Ramesh Kumar, Supreme Court advocate, made a presentation on the various facets and aspects of Intellectual Property Rights and underscored the importance of knowing these for entrepreneurs. If one does not know the aspects and take precautions, owners of IPRs can take legal action if you infringe on them, he said. Patents, copyrights, design, Geographical indicators, are the IPR aspects that entrepreneurs should be thorough about, he said. Dr. H P Kumar, Advisor, PHD Chamber, outlined the startup ecosystem existing in India and urged the student community to consider entrepreneurship as an option because the country will not be in a position to create jobs for all students coming out of colleges and universities. Today there is an environment favourable for entrepreneurs with greater ease of doing business, he said. There are benefits for firms registering under Start-Up India programme and also there are facilities for companies registering under MSME Udyog Adhaar scheme. Registration for both can be done on a laptop from home, added Dr Kumar. Mr D P Goel, Co-Chair, MSME Committee, PHD chamber presented the vote of thanks. End. Media Division PHD Chamber of Commerce and Industry