The Government, which is holding discussions with several industrial organisations, is expected to come up with right approaches soon to revive the economy, according to Naushad Forbes, chairman of the governing council of the National Institute of Design and co-chairman of Forbes Marshall.
Speaking to a group of young entrepreneurs here recently, Mr. Forbes said the capital goods industry in the country is depressed; there is a fall in consumer durable demand; and the fast moving consumer goods sector is seeing a relatively lower growth. The non-banking finance sector is lending less and it damages consumer demand. The NPA situation of Indian banks are getting better though it is not healthy. Financial system challenges are affecting the economy. There are deeper issues too. For growth to revive, there should be change in policy environment. The Government is organising several meetings and, “I hope it will come up with right approaches soon,” he said.
Earlier, speaking at the launch of a masters programme on start ups, he said innovation is something new that gives commercial advantage to an entrepreneur.
The vibrancy of life and environment in the country fosters entrepreneurship. Innovation should be new to the entrepreneur and give him or her a commercial advantage. It is important to connect with academic institutions for innovation as there is a huge repository of talent at the institutions, he said.
S. Gopalakrishnan, Joint Secretary of Ministry of Electronics and Information Technology, said start ups in India can develop solutions that can be used in other emerging countries too. Many governments fund the start ups in their country to visit India and learn from here. There are several incubations and laboratories for start ups. A course on start ups can be part of the eco system and others can emulate it, he said.
The course by Forge Accelerator will be offered in four institutions in the country, including Kumaraguru College of Technology here.
