Bibek Debroy, who is a renowned Indian economist, policy maker and literarian, and currently serving as the Chairman of the Economic Advisory Council to the Prime Minister (EAC-PM), said that 95 percent of the entrepreneurial attempts fail in India.

Doubting whether the Indian education system facilitates entrepreneurship, Debroy, who's also a Niti Aayog member, said that prime minister's initiatives of 'Start-up India' were not meant for the corporates, but for every Indian to flower, blossom and flourish.

"A big question mark is whether the Indian education system facilitates entrepreneurship. Nearly 95% of the entrepreneurial attempts fail in the country and the education system never teaches students to question," added Debroy, who was awarded the Padma Shri (the fourth highest civilian honour in India) in 2015.

As a matter of fact, Debroy is quite right about weak entrepreneurial system in India, as a recent survey report on the situation of entrepreneurship & business in India called - Global Entrepreneurship Monitor (GEM) India Report 2016-17, found that 11% of adult population in India is engaged in "early-stage entrepreneurial activities", and only 5% of the country's people go on to establish their own business or startup-ed, which is among the lowest rates in the world.

Debroy further said that the small farmer or the street vendor showed more entrepreneurship skills than corporates in India.

He said that India's per capita income at present was USD 1,800, which was very low compared to the developed countries.

Debroy said that in India, reforms started in 1991. "IMF brought out a report stating that for India, it will take 153 years to halve the gap in per capita income differences in comparison with the developed countries."
"However, the lesson for the last couple of decades show that there is no need to wait for 153 years. India's past had been glorious, future glorious, but cannot say anything about the present. Now we see the present blurring into the future."

In March, a report called Asia’s startup-friendly countries list, stated that India stands at 8th rank -- behind China and even Malaysia -- in startup friendly list of countries in Asia because of the very fact that it is still the poorest country in Asia with GDP per capita of $1,710, in 2017 and a high unemployment rate.

Source - Business Standard | Top Image -

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