Entrepreneurship: A Viable Solution To The Indian Job Scenario
Bangalore: “What the world wants is a good job.” Jim Clifton, the CEO of Gallup wrote in his book: The Coming Jobs War.
Every year approximately 20 lakh students graduate from colleges all around the country, (source: BBC 2007) out of which 17,000 migrate to UK and 14,000 to US as students, leaving the other 19 lakh graduates in the country scouring for a job.
When The Planning Commission report titled “Creating a vibrant entrepreneurial ecosystem in India” state, “India needs to create 1-1.5 crore jobs per year for the next decade to provide gainful employment to its young population…” it is right, as no student after graduating from a reputed institution of this great country intends to go back to his native village to take up the profession of his forefathers – Farming. Graduates today fight to get into the Top IT companies but, only the best are chosen and of them, a few are recruited. One may ask, what about the rest? The answer can be found in a term which was first coined by the Irish-French economist, Richard Cantillon – Entrepreneurship.
For our country to balance the scales of employment, entrepreneurship may be the only way. The report from The Planning Commission points that neither the public sector nor the private sector in India has “generated significant employment in the past few decades.” They are unlikely to do so in the coming decade or two, it adds.