Although the Indian economy is growing, it has not kept pace with advance countries and as a result, it is ranked 136 among the 210 countries in the world, L.D. Vaikunthe, professor, department of economics, Karnatak University, has said.
Inaugurating ‘StartUp Fest- 15’ organised by KLE Society’s Institute of Management Studies and Research here on Friday, he highlighted the importance of entrepreneurship in the economic growth of the country.
He said that for economic growth to happen through entrepreneurship, one had to convert unproductive labour into productive labour and entrepreneurship was the engine of growth. “There is no dearth of funds. With the Liberalisation, Privatisation and Globalisation policies of the government, there is an increase in foreign direct investment into India,” he said.
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Prof. Vaikunthe also highlighted the need for improving the quality of education in the country. While there had been an increase in the number of institutions and universities, the quality of education had not increased due to lack of infrastructure and related issues, he said.
Chief Executive Officer of Ken Agritech Private Limited Vivek Nayak said that entrepreneurship did not mean just starting a business. Director of IMSR Prof. Prasad Roodagi said that although the Indian students had the domain knowledge they did not know how to integrate the things by takings risks to convert ideas into viable business enterprise. As many as 25 teams from colleges in Kalaburagi, Belagavi, Gadag, Vijayapura, Hubballi and Dharwad are participating in the two-day event.