Manufacturing entrepreneurship crucial for 'Make in India'

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SME Times News Bureau | 08 Aug, 2015
Start-ups in the core manufacturing sectors are poised to play a crucial role in the success of 'Make in India' ambitions, said experts at a panel discussion at the 11th India Innovation Summit 2015 on Friday.

"Start-ups in the fields of telecom, defence manufacturing, automobile, Internet of Things, financial technology modules and mobile internet have immense potential to succeed in the scheme of 'Make in India'," said Siddhartha Das, general partner, VentureEast addressing aspiring entrepreneurs at the discussion on "Entrepreneurship - Role of Startups towards Make in India".

Ganesh Surayanarayanan, GM, IoT, Cloud and Analytics Solutions, Tata Sons, said that entrepreneurship and startups have become synonymous with e-commerce in the present times and highlighted that encouraging core manufacturing sector entrepreneurship is equally important.

Kajal Shah, co-founder of automotive startup Adarin ET revealed that her startup procured venture capital funding after a great difficulty.

Weighing in on a complaint made by Shah that start-ups do not approach banks for funding as banks demand proof of assets and financial information of a company for the past three years, Rajni Mishra, chief general manager, State Bank of India said: "Companies should have promoters stake and commitment to scale up operations without unnecessary diversification ambitions."

Mishra said that SBI has partnered with e-commerce player Snapdeal for financing its nearly 1 lakh sellers to enable scaling up operations.

Innovation, entrepreneurship focused at innovation summit

Promoting innovation, entrepreneurship and ease of doing business occupied prime importance at the 11th India Innovation Summit.

The last day saw multiple brainstorming sessions on 'Make in India', agriculture and agro products, smart cities, financial inclusion, infrastructure for transportation, entrepreneurship and Clean Ganga Misson.

Innovation is in the DNA of our industry and business which is manifested in the many big businesses of India, said S. Goapalakrishnan, chairman of Confederation of Indian Industry (CII) Innovation and Entrepreneurship Council on Friday at the valedictory session.

Gaurav Gupta, commissioner of industries, Karnataka, said the state is laying great emphasis on impoving the ease of doing business in India, and listed initiatives like business facilitation wing, escort services, and others aimed at furthering the purpose.