CONVOCATION ADDRESS BY SHRI HARI SHANKAR SINGHANIA AT THE ENTREPRENEURSHIP DEVEOPMENT INSTITUTE OF INDIA, AHMEDABAD ON SATURDAY, 17^Th SEPTEMBER, 2005

There was no period in our history when everything was under state ownership. After independence for some period we did experience some curbs on individual initiatives and enterprises. However, even in this period entrepreneurship showed its mettle.

I am glad that we have now entered an era where an entrepreneur is free to do any business or set-up any industry he or she likes barring very few exceptions. The process of globalization has brought a new dimension of competitiveness and inflow of foreign investment. Our economic boundaries are no more national but indeed global.

Indian economy is among the fastest growing economies in the world with 7 to 8% growth per year and is poised to become one of the world leaders. In PPP terms we are the 4th largest economy in the world with a GDP of 3.5 trillion dollars. International studies project that India will become the 3rd largest economy in the next 30 years.

India is a young nation. 40% of our population is between the age of 20 and 45 years, 60% in the working age group. We have a middle class of 250 million. Compare this with the total population of 300 million in USA or 460 million in European Union. Every year 30 to 40 million people join the Indian middle class representing a huge consumption and spending potential.

What is most rewarding is that in addition to the proven entrepreneurs, budding new entrepreneurs have come up on the scene and are forging ahead. This class of entrepreneurs is increasing day by day. More and more young men and women are ready to take risks and become entrepreneurs. You are thus on the right track. You are indeed very fortunate to have been born in this unique period of Indian history.

I regard the future of India as very bright - full of challenges and opportunities. Every day I watch with awe the tremendous new opportunities that are emerging and are likely to come up in the time ahead. These not only lie in the expanding manufacturing sector but equally in domestic and foreign trade as also in a variety of services. They go beyond IT, Software and BPOs. The entire country is full of opportunities and growth potential covering the urban areas, smaller towns and rural areas.

Continue..

©2008 This website designed and developed by Entrepreneurship Development Institute of India, Ahmedabad