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Entrepreneurship is the act of being an entrepreneur, which is a French word meaning "one who undertakes an endeavor". Entrepreneurs assemble resources including innovations, finance and business acumen in an effort to transform innovations into economic goods. This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity. The most obvious form of entrepreneurship is that of starting new businesses; however, in recent years, the term has been extended to include social and political forms of entrepreneurial activity. When entrepreneurship is describing activities within a firm or large organization it is referred to as intra-preneurship and may include corporate venturing, when large entities spin-off organizations. According to Paul Reynolds, entrepreneurship scholar and creator of the Global Entrepreneurship Monitor, "by the time they reach their retirement years, half of all working men in the United States probably have a period of self-employment of one or more years; one in four may have engaged in self-employoment for six or more years. Participating in a new business
creation is a common activity among U.S. workers over their course of their careers.
INDUSTRIAL BACK GROUND OF INDIA
The Economy of India is the eleventh largest in the world by nominal GDP and the fourth largest by purchasing power parity (PPP). The country's per capita GDP (PPP) is $3,290 (IMF, 127th) in 2010. Following strong economic reforms from the socialist inspired economy of a post-independence Indian nation, the country began to develop a fast-paced economic growth, as free market principles were initiated in 1990 for international competition and foreign investment. Economists predict that by 2020, India will be among the leading economies of the world. India was under social democratic policies from 1947 to 1991. The economy was characterised by extensive regulation, protectionism, public
ownership, pervasive corruption and slow growth. Since 1991, continuing economic liberalisation has moved the country toward a market-based economy. A revival of economic reforms and better economic policy in first
decade of the 21st century accelerated India's economic growth rate. In recent years, Indian cities have continued to liberalise business regulations. By 2008, India had established itself as the world's second-fastest growing major economy. However, as a result of the financial crisis of 20072010, coupled with a poor monsoon, India's gross domestic product (GDP) growth rate significantly slowed to 6.7% in 200809, but subsequently recovered to 7.2% in 200910, while the fiscal deficit rose from 5.9% to a high 6.5% during the same period. The unemployment rate for 20092010, according to the state Labour Bureau, was 9.4 percent nationwide, rising to 10.1 percent in rural areas, where two-thirds of the 1.2 billion population live. India's large service industry accounts for 57.2% of the country's GDP while the industrial and agricultural sector contribute 28% and 14.6% respectively. Agriculture is the predominant occupation in India, accounting for about 52% of employment. The service sector makes up a further 34%, and industrial sector around 14%. The labour force totals half a billion workers. Major agricultural products include rice, wheat, oilseed, cotton, jute, tea, sugarcane, potatoes, cattle, water buffalo, sheep, goats, poultry and fish. Major industries include telecommunications, textiles, chemicals,
food processing, steel, transportation equipment, cement, mining, petroleum, machinery, information technology-enabled services and pharmaceuticals. However, statistics from a 2009-10 government survey, which used a smaller sample size than earlier surveys, suggested that the share of agriculture in employment had dropped to 45.5%. Previously a closed economy, India's trade and business sector has grown fast. India currently accounts for 1.5% of world trade as of 2007 according to the WTO. According to the World Trade Statistics of the WTO in 2006, India's total merchandise trade (counting exports and imports) was valued at $294 billion in 2006 and India's services trade inclusive of export and import was $143 billion. Thus, India's global economic engagement in 2006 covering both merchandise and services trade was of the order of $437 billion, up by a record 72% from a level of $253 billion in 2004. India's total trade in goods and services has reached a share of 43% of GDP in 200506, up from 16% in 199091.
INDUSTRIAL BACK GROUND OF KERALA
Kerala has witnessed tremendous development especially from the economic point of view. Although Kerala economy is primarily based on agriculture, the strong historical significance and natural attributes of the state have resulted in the presence of several industries in Kerala.
Located in the south-western tip of India, Kerala has the following to its credit:
The highest literacy rate in India. Tourism has grown to be a front line industry government backing and private management. An efficient public transport system. Information Technology is becoming a key area of economic excellence
Role of agriculture in Kerala economy
The following are the features of the predominantly agrarian economy of Kerala: Kerala is a major producer of cash crops like coconuts, rubber, tea, coffee, pepper, cardamom, cashew, areca nut, nutmeg, ginger, cinnamon, and cloves. Coconuts bring the people their principal source of earning in agriculture. Nearly 70% of Indian output of coconuts is provided by Kerala. . Cardamom is one of the major exports of India and the bulk of Cardamom comes from Kerala.
Role of industry in Kerala economy Industries of Kerala economy are hugely based on agriculture and marine products. Some traditional industries are: Coir and coir products Marine products Handloom and handicrafts related to ivory, wood, bone carving, hand embroidery, cane works, coconut shell carving, and paddy straw picture making. Village industries manufacture Khadi, fiber, pottery, lime, paper, matches, gobar gas, cane, and bamboo.
The economy of Kerala, though small and agro-based, has a lot to look forward in future with the upcoming of IT and allied industries that are willing to exploit the yet-to-be tapped resources.
INTRODUCTIONEntrepreneurial activities are substantially different depending on the type of organization that is being started. Entrepreneurship ranges in scale from solo projects (even involving the entrepreneur only part-time) to major undertakings creating many job opportunities. Many "high value" entrepreneurial ventures seek venture capital or angel funding in order to
raise capital to build the business. Angel investors generally seek returns of 20-30% and more extensive involvement in the business. Many kinds of organizations now exist to support would-be entrepreneurs, including specialized government agencies, business incubators, science parks, and some NGOs. In more recent times, the term entrepreneurship has been extended to include elements not related necessarliy to business formation activity such as conceptualizations of entrepreneurship as a specific mindset (see also entrepreneurial mindset) resulting in entrepreneurial initiatives e.g. in the form of social entrepreneurship, political entrepreneurship, or knowledge entrepreneurship have emerged Total Indian Entrepreneurial Activity Average = 12.1%
India was second among all nations in Total Entrepreneurship Activity as per the Global Entrepreneurship Monitor Report of 2002. But after several years of data, India appears to have a TEA level rather close to the world average.
India is ninth in the Global Entrepreneurship Monitor (GEM) survey of entrepreneurial countries. It is highest among 28 countries in Necessity based entrepreneurship, while 5th from the lowest in opportunity based entrepreneurship. The liberalization, which was started in 1991, and the Information Technology boom of the mid-late 90s, have been significant factors, leading to a wave of entrepreneurship sweeping through the country. Indians have entrepreneurial capacity. However the society and
government are not very encouraging towards entrepreneurship. To a large extent, the Indian society is risk averse. People usually seek secure and long-term employment, such as government jobs. The physical infrastructure needs to be improved. Social Attitudes, lack of capital, inadequate physical infrastructure and lack of government support are major factors of hindrance. India is the fifth largest economy in the world (ranking above France, Italy, the United Kingdom, and Russia) and has the third largest GDP in the entire continent of Asia. It is also the second largest among emerging nations. The
liberalization of the economy in the 1990s has paved the way for a huge number of people to become entrepreneurs.
SMALL SCALE INDUSTRIES
The contribution of small scale industries to the country's economy has declined to six percent over the course of last ten years. According to a survey report released by Central Statistics Department, the contribution of such industries to the GDP in 2066 declined to six percent from 9 percent recorded in 2057. The Department carries out this sort of survey in every 10 years. The slower growth of industrial sector in comparison with service one is attributed to such decline. The survey was carried out by incorporating the industries involved in income oriented activities. As per the survey, some 32,326 small scale industries were operating throughout the country during the fiscal year 2065/66. Out of these, samples were collected from 3,737 industries. Amongst th