Role of Entrepreneurship in the Context of Post Liberalization in India: Present Trends and Future Expectations

Abstract

It was observed that, the entrepreneurship in India has become less competitive in the context of liberalization, while the facing sound competition in the market. The existence of foreign entry in the domestic market had created an uncertain future for the local entrepreneur in adoption of technology and cost minimization in production process. Price structure has become unhealthy for local producer in order to sell their commodities in the market. Consumer choice is becoming widened due to infinite number of differential commodities are available in the market. Now the main task of domestic producer is, to compete with multinational in case of technological adoption as well as cost minimization through the efficient production. Therefore, entrepreneur should need a proper business plan for competing in the market and to face unexpected backdrops in the near future. At the same time the so-called Management Professionals should guide the entrepreneur for promoting efficient production techniques for cost minimization, instead of giving cheap tactics for surviving in the market. The present paper will discuss the issues relating to promotion of healthy entrepreneurship in Indian industrial environment, and also provides some important guide lines for preparing proper business plan in accordance to the emerging conditions since post liberalization. At the end, one relevant case study will be presented for identifying the role of real entrepreneurship in industrial development as well as Sustainable economic growth in the industry sector.