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At a recent trade association event, former Niti Aayog CEO and G20 Sherpa Amitabh Kant said India needs “10,000 Ambani and 20,000 Adani” to grow. He could add that India also needs hundreds, if not thousands, of Kaivalya Volas, Adit Parichas and Neha Narkedes.
Neha Narkhede’s is an inspiring story. Influenced by Indira Gandhi, Indira Nooyi and Kiran Bedi, the Pune-born Indian-American, 37, is a co-founder of Confluent, her technology company based in the United States. Narkhede, who has an estimated net worth of Rs 4.7 billion, was featured in the 2022 IIFL Wealth Hurun India Rich List as ‘Youngest self-made female entrepreneur’.
The process of wealth creation, boosted by India’s opening up in 1991, is now truly democratized, with many generation next leaders riding the startup wave and making it big.
India’s 30-year journey after liberalization has been a remarkable one. There is a growing consensus that government has no business doing business. Wealth creation is no longer taken lightly. In fact, it’s worth admiring. Businesses are encouraged and respected. New Age entrepreneurs are often treated like rock stars. The policy framework respects and encourages wealth creators, even as daunting challenges remain.
RIL Chairman Mukesh Ambani told The Times of India about 30 years of economic liberalization: The government has placed the private sector at the overwhelming heights of the national economy, which has been occupied by the public sector for the past 40 years. It ended the License Quota Large, liberalized trade and industrial policies, and liberalized capital markets and financial sectors. The curtain has opened. ”
Motilal Oswal’s Annual Wealth Creation Study 2022 recently found that Reliance Industries and Adani Enterprises were the top two wealth creators for the period 2017-2022, with TCS, Infosys, and HDFC Bank next in line. understood.
The report states that ‘India Inc’s top 100 wealth creators generated a record amount of wealth of Rs 92.2 trillion during the period 2017-22′. It added that public sector firms’ share of wealth creation in China was “the worst ever.”
Gautam Adani, Chairman of Adani Group, recently made an interesting statement at Banaskantha. he said:
The phenomenon of encouraging grassroots business leaders with innovative ideas, started in 1991, got a big boost with the startup revolution launched in 2016. Tier 3 centers, startups are the ticket to stardom and moolah for many.
Kaivalya Vohra and Aadit Palicha’s online grocery delivery platform Zepto is a prime example. Two of his students, who dropped out of Stanford University, during the Covid pandemic, he conceptualized Zepto when adversity saw opportunity. Around the age of 20, Vohra is the youngest self-made entrepreneur to be listed on the Hurun 2022 India Richest List.
With the startup revolution, India is making headlines around the world. Nationally, there is little consensus about the great potential of this idea. While unemployment is a real problem (in addition to statistics, see e.g. railroad recruitment test voter turnout and his Agniveer test), it is also true that the startup revolution has caused a shift in thinking. Today, quite a few Gen Next leaders are looking for ways to start their own startups after formal education. No wonder various governments and political currents are now focused on creating ‘job creators’. The new National Education Policy is aligned with this larger purpose.
However, many challenges remain. When India surpassed her 100 unicorn mark in 2022, it was said that “by 2030 it is achievable for her to reach the 1000 unicorn mark”. However, after 2022, the pace of Unicorn formation has slowed. A recent intervention with Rajya Sabha claimed that “he is less than 10% of startups in India by her five-year-old”.
So we need to reemphasize the idea of boosting innovative ideas and grassroots wealth creators.
In his Independence Day 2019 speech, Prime Minister Narendra Modi said: They should be honored more. Wealth cannot be distributed if it is not created. Moreover, if wealth is not distributed, it cannot lift the spirits of the poor in society. This is what wealth creation is all about for our country, and we need to do more. ”
Narendra Modi’s government remains committed to Antyodaya’s philosophy — ensuring government welfare measures reach the last in line — but there has also been a consistent push to make it easier to do business. .
The upcoming coalition budget aims to be a roadmap for negotiating global headwinds and uncertainties, aiming to boost growth, fiscal consolidation, job creation and infrastructure, but also create wealth creators and entrepreneurs. It may be necessary to reiterate the goal of actively promoting the idea that Blessed with a demographic dividend, India has set its sights on 2047. Wealth creators and entrepreneurs will play a key role as we move toward the status of high-income developed economies.
After India changed gears, recently overtaking the UK to become the fifth largest economy, we need to talk about monopolies and duopolies in various fields, while the democratization of wealth creation is a new generation of leaders. Creating wealth is equally true. Creator. The upcoming federal budget could further boost this phenomenon.
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