November 6, 2012

MU0017 [Talent Management & Employee Retention] Set2 Q5

Q.5 India as nation stands out for it entrepreneurial and well educated talent base. Justify.

Ans:

India has a large pool of scientists, engineers and technicians. Currently a lot of importance is given to the development of intellectual and managerial talent in order to surge ahead internationally. India boasts of centuries old history of entrepreneurship across every industry sector. The foundation of Indian entrepreneurs is based on their social business ethics and their passionate commitment to success.

The growth and development entrepreneurship in India over the ages can be traced under :

Mental handicrafts have existed in society even since pre-Christian Era obviously being traded for profit.

In the post-Christian era, caste based business men created ‘kharkhanas’ while craftsmen formed associations called ‘guilds’ to produce and sell handicrafts and other goods.

Since ages, Indian handicrafts have enjoyed worldwide reputation such as Corah from Bengal, dupattas and dhotis from Ahmedabad, Chintez from Lucknow, shawls from Kashmir, metalware from Varanasi and so on.

In the modern era, the first place of entrepreneurship was seen during the domination of British East India Company. A few Parsi entrepreneurs like Lowjee Nushirwan and Manjee Dhanjee built ships and produce gun powder for the company.

Ranchod Lal Chotlal, a Nagar Brahmin, was the first Indian to think of setting up a textile manufacturing unit, in 1847, but failed in his attempt. He however succeeded in his second attempt in 1981.

But before this credit for successfully starting a textile mill goes to another Parsi Cowasjee Nanabhoy Davar in Bombay in 1854. This was followed by Nawrosjee Wadia, who opened his textile mill in Bombay in 1880.

Jamshedjee Tata established the first steel industry in Jamshedpur in 1911. This was followed by the entry of Birla family which set up a jute mill in 1919.

 The Swadeshi Campaign, called Mahatma Gandhi, calling for use of only Indian goods, gave the first wave for entrepreneurial activity in India. During this period, the traditional business communities like the Jains and the Vashiyas, gave up their conservative attitude and joined Paris to become industrial entrepreneurs.

Post-independence, the socialist practices of the Nehru government actually helped Indian entrepreneurs by giving them protection from multinational companies. But this also prevented the Indian goods from being sold abroad.

Licenses, quotas, red tapes, high taxes, low productivity, black market, monopolies and so on, marked the first 40 years of Indian Independence. Despite all these, India saw the emergence of two well-known entrepreneurs of those times, Dirubhai Ambani and Kaesanbhai Patel who overcame many obstacles to sow the needs of their empires.

When the company’s economy finally opened up in 1991, entrepreneurs of the likes of Azim Premji, N.R. Narayan Murthy and Subhash Chandra came up on the scene. And as we move on to the 21st century, there is no stopping of the Indian entrepreneurs from taking the world. 

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