‘Students from reputed B-schools are opting for such ventures, even if it means taking a risk’
Entrepreneurship and courage are key to progress and prosperity, CII Chairman, Vizag Zone and Director (Commercial), RINL T.K. Chand has said.
Addressing the second State-level students convention organised by Computer Society of India (CSI) and Dadi Institute of Engineering and Technology on Monday, he said that civilisation would have remained in caves if the ancient men would not have dared to come out.
Invention of the wheel put civilisation on the move. In medieval times, it was the invention of electricity that provided energy that provided a quantum leap. In present times computers, followed by micro-chips are speeding up progress like never before, he stated.
“In all these, it is entrepreneurship and risk-taking behaviour that played the pivotal role,” he said and elaborated that in the US and even in China, such behaviour was more pronounced and comes at a premium. Since economic reforms, Indian youth had started catching up. Now, students from reputed B-schools were opting for entrepreneurial ventures, even if it meant risk-taking, he pointed out.
Mr. Chand, who is the vice-chairman of CSI, while dwelling on the state of economy, indicated that good days were ahead. He said India was now the third largest economy next to the US and China. A structural transformation was taking place in economy with service sector contributing a chunk in GDP.
In 1950, the contribution of agriculture, industry and service sectors in GDP were 57, 13 and 30 per cent. Now it is respectively 16, 25 and 59 per cent. Contribution of service sector had almost doubled. Compared with China, where growth model had been led by industries, in India it seems service sector was leading the growth, he said.
As India has a large population, he advocated industry-service-led model of growth. In service sector, IT and IT enabled services would be in front and there could not be any saturation in ITES as apprehended.
“It will be an ever-growing sector with ever-increasing innovative technology in the field like micro-chip, nano technology, cloud computing and manufacturing system execution. Mr. Chand informed that CII, Vizag Zone was going to organise college cluster-industry-institution interaction to give a big boost to knowledge economy.