Next Gen entrepreneurs are the future of this country


Even as we find our bearings after the economic storm of the last year, the Indian economy seems to be well on its way to a recovery and reaching pre-crisis levels. The scope and potential of the Indian economy, in general and the domestic consumption sector in particular, is characterised by some irreversible trends. This augurs well for the future, but it is crucial that we understand these trends so we use our resources in the most efficient manner possible.


When India's economic progress and development are discussed, what you typically encounter is a barrage of numbers. What is rarely discussed, and what should be of most concern to people, are the underlying dynamics behind those numbers. During the next decade the Indian economy will cross the USD 2 trillion threshold. The largest contributor in our GDP will continue to be our domestic private consumption. Unlike other emerging economies, the fundamental strength of the Indian economy has been the fact that domestic consumption is the single-biggest contributor to economic growth. And over the last couple of years, the scope and extent of India’s domestic consumption is going through a rapid change.


With the growth in income and aspirations and backed by a younger demographic profile, Indians consumers are moving away from basic consumption to consumption of value-added products. Whether it is food, furniture or fashion, Indian consumers are increasingly opting for value-added products and brands. Catalysing this trend for value-added products has been the growth of modern retailing in India.

Modern retailing deals almost exclusively with value-added products. The transformative change that value-added products bring to the economy is in the number of jobs, income generation and wealth creation that takes place at every stage. This in turn creates new opportunities and possibilities for value-creators and entrepreneurs across the country.

As we move towards the next decade, I believe the biggest transformation we will see is the emergence of a new breed of Indian entrepreneurs and enterprise that cater to the growing demand for value-added products. These entrepreneurs will not necessarily come from Mumbai, Delhi or any of the large-metros. Instead, you will find them setting up their enterprise and emerging from the hundreds of smaller towns spread across the country. They will be based closer to the source of production and they will create jobs in each of these locations.

Modern retail stands to be one of the biggest catalysts of this change. Not only will it create the demand for value-added products, but also act as a platform for small entrepreneurs and producers to connect with the big consumers.

In my recent travel in smaller towns and interactions with entrepreneurs there, I was very enthused by them and their ideas. The new generation of young entrepreneurs represents the future of this country and they are far more confident than the earlier generation. I believe it is important for every generation of entrepreneurs to rebel against the convention and create something new that benefits consumers, employees and society at large. And that has started happening across every town and city in India.

The author, Kishore Biyani is the Group CEO of Future Group and the MD of Pantaloon Retail (India) Limited.

Source:moneycontrol