For an entire generation from the 1950s until the 1980s, India followed socialist-inspired policies. The economy was shackled by extensive regulation, protectionism, and public ownership, leading to pervasive corruption and slow growth.
But as the religious inhibitions against business activities had been considerably weakened, occupational immobility had been broken, and the outlook of the so-called business communities had broadened, India became ready for a new leap forward into entrepreneurship
India launched planned economic development programs in all sectors of the economy including small industries. One of the steps taken to encourage indigenous entrepreneurship was to ban the imports of a large number of consumer and other goods. This created a big vacuum in the Indian domestic market. Some of the businessmen, traders, agents themselves became entrepreneurs, taking advantage of the prevailing market situation.
Concern for economic development became all-pervasive. There was a growing concern for economic development and this strengthened interest in entrepreneurship with primary focus on exploring practical measures to augment the supply of entrepreneurs, i.e. persons with competence and aptitude to initiate, nurture and expand industrial enterprises.
Large scale industrialization entrepreneurs like Dhirubhai Ambani emerged. And with globalisation came the Premjis, the Narayana Murthys, the Rajesh Jains and plenty others.
What happened next?
Read: Liberalisation of the Economy, Freedom for Entrepreneurship
