Innovation, enterprise and entrepreneurship can create jobs
With the global economy changing rapidly, it is becoming extremely challenging to sustain competitiveness. Technologies and products are becoming redundant and outdated and it is unbelievable how fast competitors can outpace you. We must accept the fact that there will be a heightened level of complexity and our industries must have the flexibility to adapt and the resilience to cope with change. So, instead of a single path and destination as a focus, the enterprise of the future will have to grapple around multiple pathways to be more competitive and a game-changer.
In an interesting article, ‘The Importance of Young Firms for Economic Growth’, authors Jason Wiens and Chris Jackson make a compelling point by saying, “Policymakers often think of small business as the employment engine of the economy. But when it comes to job-creating power, it is not the size of the business that matters as much as the age. New and young companies are the primary source of job creation in the American economy. Not only that, but these firms also contribute to economic dynamism by injecting competition into markets and spurring innovation.” This point is relevant for any economy that is seeking to accelerate growth as entrepreneurship does inject the much needed dynamism and creates a competitive landscape with their ideas, innovation and enthusiasm. We must look at ways to boost entrepreneurial talent as it can be a strong force in driving innovation and more importantly, job creation.
Providing the right platform for young entrepreneurs and start-ups to flourish is equally important. It is heartening to note that the Ministry of Heavy industries and Public Enterprises, Government of India, in partnership with industry associations, has announced creation of a start-up centre and a technology fund for the capital goods sector to provide technical, business and financial resources and services to start-ups in the field of manufacturing and services. Support and collaborations such as this would greatly boost the entrepreneurial zest in the country. The two-pronged focus should be, on one hand, to attract investments and continue to strengthen our industry clusters, and on the other hand, encourage a new generation of entrepreneurs, venturing into new growth areas that can bring in more employment opportunities and create jobs. There is no doubt that these new clusters can leverage our strengths in advanced manufacturing, applied sciences and disruptive technological change. The Government of India is focussing on 15 disruptive technologies such as data mining/Big-data, biotechnology, cyber security, nano-technology, smart manufacturing (3D printing, additive manufacturing), precision agriculture, advance energy storage, waste to energy recycle and reusing water, satellite-based technologies for identification, distribution and utilization of natural resources, to name a few. These are the sectors which will call for a continuous programme of skilling and re-skilling our workforce. This takes us ahead to the next destination – the importance of skill building for a new generation of employable workforce.
Government of India is focussing on 15 disruptive technologies such as data mining/Big-data, biotechnology, cyber security, nano-technology, smart manufacturing (3D printing, additive manufacturing), precision agriculture etc.
Make in India – a global manufacturing hub needs skilled workforce to thrive
With a strong manufacturing backbone, India already has a solid base and combined with our advantage in innovation and research, I believe India is well-poised to be a manufacturing hub of the world. On one hand, we will have a surge in employment opportunities, and on the other hand, we may face pressure in getting trained workforce. The question that is being asked is: Can our education move from merely knowledge enhancement to employability? Increasingly, concerns are being expressed on the employability of the graduates who come out. There are two concerns being voiced – one is the quality of the domain knowledge that is being imparted and the other is the relevance of the programmes and the courses that are being offered.
Providing the right platform for young entrepreneurs and start-ups to flourish is equally important
Underlining this importance of skill development, the Government of India launched the National Skills Development Mission on the occasion of the World Youth Skills Day in 2015 to create convergence across sectors and States in terms of skill training activities.
Pankaj Patel, President, FICCI (2017) and Chairman &
Managing Director, Zydus Cadila writes this piece for FICCI publication “Economy of Jobs”. Post continues on Page 3.
