Entrepreneurs have played an enormous role in shaping the Indian economy since the country became independent, according to Suren Dutia, Former Chief Executive Officer of TiE Global.

Speaking at a meeting on “Estranged to Engaged Democracies - Entrepreneurship in Modern India”, organised here on Saturday by TiE Coimbatore to pay tribute to C.K. Prahalad, Mr. Dutia said entrepreneurship contributed directly to the economic growth of a country and sustenance of the growth.

The image of India overseas was “mildly positive” in the 1950s. However, between 1950 and 1990, there was an erosion of the brand India image because of several factors. In the 1990s, there was a reversal of perception.

The high standards of education were paying handsome dividends and the Indian Diaspora was succeeding every where. India had emerged as a hub for knowledge process outsourcing. Its economy was growing rapidly and the country was an emerging giant. Now, India had world-class companies, and was integrating with the global economy. There was a strong decentralisation of power, massive inflow of foreign investments and the Indian companies were competing globally. More than 800 foreign company subsidiaries were now in India. “So, there is a resurgence of brand India,” he said.

The new entrepreneurs were important catalysts of technological innovation. The older firms were also adopting new technologies. “Entrepreneurship is the hidden ingredient to India's success,” he said. The power of the private industry demonstrated India's hidden talents. They would continue to lead the society towards economic development.

Speaking on “Remembering CK”, Jas Grewal, Co-founder of Tie San Diego, said C.K. Prahalad contributed to the fundamental business concepts derived from his work experience with multinational companies.

He realised that for corporations to make lasting change, their stakeholders should benefit. He had contributed to India's developments.