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LATEST NEWS UPDATES | India’s true self-reliant entrepreneurs -Maitreesh Ghatak and Mukulika Banerjee

India’s true self-reliant entrepreneurs -Maitreesh Ghatak and Mukulika Banerjee

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published Published on Mar 24, 2021   modified Modified on Mar 25, 2021

-Hindustan Times

The lockdown showed how migrant workers, let down by the State, community and market, are the nation’s most valuable resource

Atmanirbharata is India’s new economic policy. Nirbharata means reliance, and atma means the self. The Atmanirbhar Bharat Abhiyan, announced by Prime Minister (PM) Narendra Modi, following the lockdown announced on March 24, 2020, calls for India’s economic mission to be based on self-reliance. Recently, the PM extolled the virtues of the private sector over the public sector, emphasising the services it provides, the employment it generates and its contribution to reducing poverty.

Atmanirbharta rests on a particular idea of entrepreneurship. The notion of entrepreneurship goes back to classical political economy: Economists Richard Cantillon and Jean-Baptiste Say emphasised risk-taking and initiative to exploit opportunities with an eye to financial gain. The word “entrepreneur” in French means “to grab” or “take control” but it also has elements of “adventurer” in English and “self-motivated” from the Sanskrit atmaprerna.

So the classic vision of an entrepreneur is an individual actor who is able to take risks, weigh pros and cons, make quick decisions and staying afloat while riding out the highs and lows of market forces. They should be tenacious and play the long game and build businesses that not only make them richer but benefit employees and others too. In more recent times, the economist Joseph Schumpeter emphasised the need for the entrepreneur to be innovative, able to think of a new way of doing things. Today, many economists consider such innovation needs a whole micro-climate to thrive, of angel investments, bank loans, regulatory mechanisms, bankruptcy laws, and basic infrastructure.

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Hindustan Times, 24 March, 2021, https://www.hindustantimes.com/opinion/indias-true-self-reliant-entrepreneurs-101616593037356.html


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