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‘Make in India’ will create more employment opportunities in the country

Dr.T.P.Sethumadhavan

Recent initiative in India to promote ‘Make in India’ concept will create umpteen job opportunities in the country. It will facilitate both industrial and services sectors. Micro, Small and medium enterprises (MSME) will be largely benefited through this decision. As a sequel to globalisation and Free trade agreement services sector supersedes all other sectors. It creates more than 57 percent employment than the basic agricultural and middle industrial sectors. ‘Make in India’ will really benefit the manufacturing sector in the country. It will facilitate foreign direct investment in retail sector rather than inflow of FMCG from abroad.
Strengthening of MSME will create more employment opportunities in the country. It will really benefit the engineering students. Vocational and skill development programmes will also acquire momentum in the country. Since the manufacturing will be taking place within the country the industrial growth will be enormous. Even during the economic recession MSME had shown 10 percent growth and its contribution to GDP of the country was significant.
Within the services sector Management, banking, finance and insurance sector will exhibit spectacular growth in the country. The forecast for 2020 was 22 lakh employment opportunities. Automobile, electronics, IT, Electrical, construction, IT, ITeS, Mechanical, Bio medical and agribusiness sectors will exhibit quantum jump in career market. Nanotechnology, Nuclear engineering, Robotics, Vehicle Engineering, Chemical technology, food technology, agroenergetics, agriculture mechanical engineering, seaport engineering, Environmental Engineering, Fashion engineering, interior design and technologies, social media and web technologies, medicinal chemistry, etc will become the potential areas which can create more employment in the country. By 2015 number of internet users in India will increase from 120 million to 350 million users and the country will move from third to second largest internet user base in the world. By 2015 number of internet users will become 2.6-2.9 Billion; of which 50 percent population will be from developing countries. Globally nearly 20 percent of the user’s access internet on wireless technologies whereas in India it is around 55 percent. Indian internet economy is 1.6-2 times bigger than education, health, hospitality or utility sectors. ‘Make in India’ will make the students entrepreneurs rather than employees. Entrepreneurship in MSME and industrial sectors will creates more than 10 lakh employment opportunities in the country by 2020.
India needs innovation in the Science and Technology sector to reach the productivity frontier and to use the best practices for production. 10th India innovation summit held at Bangalore from 8th to 9th August 2014 reiterated the importance of start-ups in the country. Recently KSIDC organized young Entrepreneurship Summit (YES) in the State. The desire for innovation in India has been driven by search for low cost solutions to public problems. Innovation is the application of new ideas to solve problems with resultant benefits to different stakeholders. Through innovation incubation, students can become employers rather than employees. This is the success behind start ups in United States and UK. UK is among the world’s top research Nations which derive much economic benefit from its innovations, excellent research and entrepreneurial ecosystem. Universities like Oxford, Cambridge, Imperial and University College London ranks among the top ten Universities in the world. India needs to create 1.5 crore jobs per year for the next ten years to provide employment to youngsters. In this juncture accelerating entrepreneurship and creating business are crucial for massive employment generation. Government of India is promoting start ups to scale up start-up ecosystem in the country. There are nearly 200 Government sponsored incubators in India sponsored by educational institutions. These incubation centres will convert the innovations in to viable products. Opportunity for start-ups was unparalled especially in the IT sector because cloud and mobile technologies have reduced the cost of doing business.
India’s premier IT and software services trade association NASSCOM has opened its first co-working facility called Start-up Warehouse for tech start-ups and the entrepreneur community in Bangalore. NASSCOM aims to nurture 10,000 start-ups in the next 10 years and give a major boost to software product development in India. It has already received more than 5000 applications stating interest in this Start-up Warehouse initiative. The Start-up Warehouse will provide a well-connected, top-class office space for technology start-ups, and will support entrepreneurs in their early stage of operations as well as act as a hub for innovation, collaboration, and entrepreneurship. NASSCOM will start similar Start-up Warehouse facilities in other cities across India, aiming to offer good infrastructure to tech start-ups at an affordable price.
Innovation in start-up ecosystem depends on ideas, validation process and good partner relationship. Major steps in this process are laying the foundation, creating a challenge book, building participation,experimention with cost, speedy implementation, building innovation sand box and putting a margin of safety.

 

 

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