I am happy to be associated with EDII and be a part of an important phenomenon and movement called Entrepreneurship. It feels good to communicate with the entrepreneurship fraternity in particular and the society at large on how entrepreneurship is important to complement policies and fetch sustainable results.
Well, I am glad to note the way the Institute is working with different factors and dynamics that constitute an entrepreneurial ecosystem. It is nice to know that entrepreneurship-related interventions of the institute target not only potential and existing entrepreneurs but also policymakers, emerging economies, academicians, bankers, venture capitalists, incubation system and so on. I think it is because of such a wide canvass of activities that the results have been so heartening.
Job creation and economic growth are the two primary outcomes of entrepreneurship promotion. EDII's efforts have ensured enhanced skill levels, improved access to capital, a strong regulatory environment, conducive policies and a responsive incubation network to ensure growth of technology-driven enterprises. The Institute has made a significant contribution to nation-building by ensuring pathbreaking offerings by not just new and existing entrepreneurs but, also by conglomerate of units popularly known as clusters. The institute has addressed a broad range of MSME clusters viz. engineering, leather, auto components, handicrafts, handloom, food processing, brass parts, diesel engine, etc. thus infusing best practices of doing business across MSMEs and producing a virtuous circle of growth. EDII-induced growth stands on the pillars of sustainability and constancy as it mainly responds to domestic demand, barring specialised businesses where export potential is harnessed. Domestic demand-led growth is shielded from the vulnerabilities and the irregularities of the international market and is hence stable. I credit the Institute for promoting such headway.
In the same breadth, let me also mention progressive government policies such as the Startup India, Stand Up India, Make in India campaigns and other complementarities that have further encouraged domestic productivity, export, employment creation and all-comprehensive growth. EDII's interventions and these initiatives complement each other and together aim at creating a wholesome India.
EDII has been promoting this interesting interaction between entrepreneurship and the economic development, thus renewing people's conviction in entrepreneurship and also leading to policy formulation and advocacy. Working as a think-tank, the Institute is forging its alliance with specialised domain institutions as well, in order to give the best exposure and experience to its beneficiaries. Equal primacy to rural and urban segments, women and other disadvantages groups is leading to inclusive growth. Another important link which has a bearing not just on society but also on the dynamics of the market is social entrepreneurship. I am glad that at EDII, it is being focussed upon too. The way social enterprises are pitching themselves to ensure sustainable social development is remarkable.
We say, the boundaries between nations have got blurred today; the world is a global village. Given this, EDII, on a mission to nurture and promote entrepreneurship, certainly needs to consider nations outside the boundaries of India too, especially the developing world. I am happy that the Institute has realised this responsibility and has taken effective measures to propel entrepreneurship in several developing nations.
I appreciate how the Institute is creating a congenial world for its entrepreneurs; making available to them the technologies, resources and friendly regulations that their equivalents have access to, in developed economies.
I do understand that there is a long way to reach the peak. Having said that, let me add, EDII's efforts have led to a change in the scenario today, making entrepreneurship a natural career option for youths. In today's positive and changed scenario, the efforts of EDII, which are being heightened regularly, are certainly going to yield faster and richer benefits. The Institute trains hundreds of entrepreneurs everyday who build their businesses to join the league of job creators.
Well, once again let me say that I am happy to be connected with EDII and look forward to joining hands in producing job creators rather than job seekers.
- M. K. Jain, Managing Director & CEO, IDBI Bank Ltd.