Startups, Now an Inevitable Factor in India's growth
Bangalore: Entrepreneurship in India bloomed after the introduction of LPG (Liberalization, Privatization and Globalization). Before LPG was introduced, the businesses existing were mostly prevailing due to rich family ties or good connections which enabled them to sustain their business. This was the pre 1991 era, the era where businesses were largely run by families. Sweat shops, guilds and merchants were largely prevalent in the market, though these modes of occupation had evolved tremendously; they were mostly run by families and switched hands within the family, preserving the integrity of the family name. Haldiram’s is one such example which has survived the change that swept this nation largely termed under LPG.
Very few family businesses have survived through the LPG and maintained its grip in the market but those are tales of the bold like Dabur, Wadia and Godrej groups which learnt to adapt which backbreaking speed. Entrepreneurship is a boon from the gods to countries like India, a country so full of ideas and inspirations but there is no channel for all the energy to be guided. Entrepreneurship can provide that bit of guidance, which is why India is gradually coming to the limelight with new ideas and innovations form young startups like Inmobi, Innoz and Prakti Design. These enterprises not only contribute to the economy but they also create jobs like no other sector.