Outlook bright for engineer entrepreneurs

Staff Reporter

COIMBATORE: Engineering graduates, who become entrepreneurs, will benefit from the expected growth of the small-scale sector during the next few years, the Vice Chancellor, Biju Patnaik University of Technology, Damodar Acharya, said here on Friday.

"India is emerging as a global hub for supply of engineering goods like auto components, hand and power tools, consumer electronics, textiles, medicines, processed foods and spices. Outsourcing from countries with cost and quality advantages is opening up new opportunities for our country," he said.

Prof. Acharya was delivering the graduation address at the Sri Krishna College of Engineering and Technology. A total of 514 students received their degrees, 312 of them in person. About 25 per cent of engineering graduates became entrepreneurs in the developed countries, compared to less than one percent in India. Entrepreneurs could opt for venture capital funds and loans on soft terms from banks and financial institutions. Growing domestic demand, combined with cost advantages and export demand for quality products and services, had reduced the risk to "near zero level".

"What is really lacking is bright ideas and zeal to translate the idea into a marketable product or service," he said, and noted that engineer entrepreneurs should gain proficiency in management, accounting, marketing and finance.

In course of time there would be five lakh job seekers in the country. Even with the projected eight per cent growth in gross domestic product, the organiser would not be able to employ all these engineers at once.

He cautioned entrepreneurs against copying someone else because the leader would enjoy cost and quality advantages and remain ahead.

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