According to the ministry of corporate affairs, about 1 lakh new companies were registered in India in 2014. So, entrepreneurship is growing but the outcome of this positive trend will be tested by the number and quality of jobs created.
Culturally, Indians have been moulded to conform to norms and being risk-averse. Entrepreneurship of the modern times—which requires large measures of independent thinking and decision-making combined with the ability to innovate and hit the curved ball—has therefore never been a part of our DNA. But this is changing rapidly. The country’s top educational institutions such as the IITs, IIMs and BITS Pilani (as also many others) are spawning a breed of top-notch entrepreneurs, who look upon failure as a badge of success—Sachin Bansal and Binny Bansal of Flipkart and Ankit Bhati of Ola are from IITs; Amiya Pathak of ZipDial and Niranjan KM who has set up a manufacturing unit for low-cost sanitary pads for rural India are from IIMs; Phanindra Sama, co-founder, redBus, is from BITS Pilani.