New Delhi :  Raghuram Rajan, Chief Economic Adviser to the Government of India, kicked off The Indus Entrepreneurs’ 2nd India Internet Day by urging entrepreneurs to work with the government in creating a better regulated business environment–one that is neither over- nor under-regulated.

Raghuram advised entrepreneurs against seeking concessions from the government. Instead they should work towards getting a business environment that is transparent and offers an opportunity for all to succeed.

He was candid in admitting that the slowdown in India’s growth was due to the lack of institutional ability to grow. Citing the example of farmers dispossessed of their land, who felt that they did not get a fair deal by the educated and savvy buyers, he said that the process of allocation of natural resources was not seen as a transparent one.

Raghuram said that Entrepreneurs and Politicians are people with ideas. While the politicians sell their ideas by appealing to the electorate, wooing each individual for one vote, entrepreneurs were luckier as they have to woo richer customers who could, once convinced of the idea, product or service, buy more of the same product.

“Now is the time for entrepreneurs with ideas to create better businesses and to make money. No one today grudges the process of wealth creation by legitimate means.” said Raghuram, an alumnus of IIM and MIT.

Raghuram, an academic at heart, said that we need to give the masses an opportunity to educate themselves and know their options and opportunities. Though the right to education, a move to get inclusive growth, has touched nearly 98% of the target student population, the dropout rate continues to be high. He called for technology solutions to offer mass quality education at primary, secondary and college education. Education was a means of helping all to get an opportunity to create wealth.

In a conversation with leading Indian Internet entrepreneur and TiE Charter member Sanjeev Bikhchandani, Raghuram said the government is putting up infrastructure and applications like the MCA-21 that can create an environment for businesses to flourish without too much subjective human intervention.

The India Internet Day is being attended by nearly 400 Internet geeks, e-commerce strategists, venture capitalists and hundreds of aspiring internet start-ups

India Internet Day presented an opportunity for entrepreneurs to get mentored by seasoned entrepreneurs and investors on start-up business challenges that emerge from converting business plans into action points, nascent understanding of marketing, sales and operations and the complex task of raising funds.

About The Indus Entrepreneurs (TiE)

 

The Indus Entrepreneurs (TiE) founded, in 1992 in Silicon Valley, by a group of successful entrepreneurs, corporate executives, and senior professionals with roots in the Indus region currently has over 13,000 members and over 2,500 charter members in 61 chapters across 15 countries.

 

TiE’s mission is to foster entrepreneurship globally through mentoring, networking, and education. Dedicated to the virtuous cycle of wealth creation and giving back to the community, TiE’s focus is on generating and nurturing the next generation of entrepreneurs.