Uday Mahurkar

Young India takes on doomsayers

The author of this month’s column is a renowned journalist and Senior Editor of India Today magazine. He writes about dramatic changes taking place on the economic front over the past three years

WORDS: UDAY MAHURKAR

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Notwithstanding the current phase of economic slowdown, temporarily brought by the introduction of the Goods and Services Tax and close on the heels of demonetisation, India is witnessing dramatic changes on the economic and industrial fronts, as new businesses are cropping up, offering a fascinating range of products and services to the growing middle-class consumers.
Interestingly, quite a few of these businesses are being launched by a new generation of entrepreneurs, many of whom belong to established business families. These young business professionals have acquired advanced degrees in engineering, the sciences and management from some of the most prestigious universities in the US and other western countries, yet chose to return to India and decided to launch new enterprises, or diversify their family empires.

The cover story in the current issue of Urban Vaastu – which is incidentally celebrating its 3rd anniversary – highlights the amazing transformation that this new generation of entrepreneurs is bringing about in their own family empires, and also in the world of Indian business.

If Reliance Jio is a creation of an Ambani kid, old Gujarati corporate families are also witnessing exciting changes as in the case of both the sons of veteran textile magnate Sanjay Lalbhai who have brought innovation into their family’s business profile by their entrepreneurship.
The Narendra Modi Government on the other hand is only complementing this new entrepreneurial environment by its good governance moves at the top level.

Entrepreunership and growth of business at least in India is also dependent on the infrastructure – physical, social and health. The Modi Government is just doing that by piloting a quantum leap in physical infrastructure like roads, railways, ports and airports and power plants.
Thanks to the government’s emphasis on transparency, business lobbying and the middle men culture have been virtually eliminated, thus creating a level playing field for businessmen angling for government-related work, particularly in the infrastructure sector.
That India has climbed 73 places in the world list of Ease of Doing Business from 99th to the 26th spot is an indication enough of the changing environment.