History of Entrepreneurship in India

The Story of Indian Entrepreneurship is full of paradoxes. In the pre-colonial and colonial periods, the entrepreneur was primarily viewed as a trader-money lender merchant, who was severely bound by caste relationships and religious, cultural, and social factors including the idea of fate and the joint family system. There is little doubt that the modern concept of entrepreneurship did not develop inside this socioeconomic group. There were many different political and economic factors that affected the entrepreneurial spirit. Ineffective communication infrastructure, the establishment of customs obstacles and harsh tax regulations, the usage of multiple different currencies up until the third decade of the 19th century, and a number of other problems all had a detrimental impact on Indian entrepreneurship.

India has transformed over the past two decades from a centre for IT services and business process outsourcing to a sizable R&D hub for multinational firms, with new business models appearing almost daily. I believe the next generation of unicorns will be far more varied and will emphasise cutting-edge technologies like robots.

The talent landscape has also seen a significant change. Only eight or 10 years ago, the majority of our business owners hailed from entrepreneurial families. This is not the case now, and many of our young entrepreneurs have backgrounds outside of business.

The establishment of a climate that encouraged the rise of entrepreneurship was India's justification for gaining independence.

This broad context must be taken into consideration as we examine the later growth and spread of Indian entrepreneurship.

History Of Entrepreneurship In India

Growth of Entrepreneurship:

The Second World War boom, which drew many businesspeople, craftsmen, and other entrepreneurial individuals from various walks of life to the small industrial sector as entrepreneurs, is largely to blame for the growth of entrepreneurship, especially in the small scale sector. During this time, a lot of highly qualified people launched tiny firms with the help of outmoded tools and private funds. After achieving independence, India launched purposeful economic development initiatives in all sectors of the economy, including small companies.

Routes – Silk Route and Spice Route

Following the development of international channels for trading objectives, the company and trades started in India. Within the network of street-roots leading to the Silk Route, India went connected to bordering other nations. The Spice Route was a marine trade route that connected India to various nations.

Trade And Business In Ancient India

According to Indian archaeological findings, entrepreneurship was practised in India as early as the prehistoric period. A business relationship with Mesopotamian society was created thanks to the Harrapan civilization's predominant trading culture. They formerly traded their homemade crafts. such games, kitchenware, pots, and corps to meet their daily necessities. India engaged in trade and business throughout the Harrapan period. A few commercial activities, various currency varieties, and handcrafted metals as import and export goods have been restricted. Following this civilization, people transported the material to domestic and other nations and were believed in their business acumen.

What is Barter System?

A bartering system first appeared between 6000 and 7000 BC. Ancient people, especially in India, conducted merchandise buying and selling through the exchange technique. Long before money was created, the system has been in place for ages. By using this strategy, individuals exchanged commodities and services for other services rather than using money and precious metals. According to some Indian academics, India first used the barter system during the Vedic era.

Industrialization In India

The East India Company launched the industrialisation process in 1673. The British were in charge of bringing industrial cultures to India. In the 19th century, they travelled to India for commerce, and in the 20th century, industrialization took place. The private sectors were mostly created by the British. India's western and eastern regions are home to the industries. The quality of international trade, industrial progress, and export and import of commodities were all significantly influenced by the East India Company. Many political and social movements, including the Swadeshi Campaign, were born out of it. Eminent Indian scholars claim that the arrival of East India enterprises in India is directly responsible for the rise of manufacturing entrepreneurship.

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