Nirmala Sitharaman, the Commerce and Industry Minister, believes that India is in dire need of young entrepreneurs to generate more jobs, and has urged business graduates to pioneer commercially feasible ideas.
Addressing the graduating batch at the Indian School of Business in Mohali, Mrs. Sitharaman said, “India needs several entrepreneurs who can become fountainheads of commercially viable ideas that will make a difference to the economy and the country.”
She encouraged graduates to develop their ideas, adding that the development of commercially viable ideas is what she hopes for and expects from students who pass out of institutions such as ISB.
During her address, Mrs. Sitharaman emphasised the potential of the youth to build business houses and generate greater employment opportunities. She also laid emphasis on the GST, asserting that with India now looking forward to a simplified taxation structure, it is time for the country and its youth to explore logistics.
“Logistics is something on which India has to develop its own model. You have logistics developed according to Western economies and their model. The Chinese have developed their own, but do we have an idea of how we are going to have efficient logistics in this country? I think that is one area where there is lot of research waiting to be done,” she said.
In attendance at the graduation ceremony was the Chairman of the ISB Executive Board, Adi Godrej, who said, “as a management student, one of the key things that I had learnt is the power of team work and the importance of building teams and retaining people, an idea that I imbibed early in my career and it is now with me all through.”
Mr. Godrej also touched upon family businesses in his speech, referring to them as “the unsung heroes of the Indian economy”, and attributing his praise to the fact that they comprise two-thirds of the planet’s companies and employ 50% of the world’s workforce in addition to contributing to more than 50% of the world’s GDP.
With new businesses entering the market with each passing day, India aims to generate greater employment opportunities through domestic jobs and thus boost and sustain economic growth.