The Committee has made extensive recommendations that are relevant to a number of takeholders both within the Governmental and Regulatory fold and those outside their immediate purview. The Committee believes however, that to build a vibrant entrepreneurial ecosystem leading to significant employment and wealth creation in the country, there has to be a sustained and continuous focus on the simultaneous and coordinated implementation of these measures.
Towards this objective, we recommend that the Central Government set up a National Entrepreneurship Mission (the “Mission”), whose sole focus will be to establish a vibrant entrepreneurial eco system in India. The Mission’s mandate, as one single entity within the Governments both at the National and State levels, will require it to pursue exclusively, the task of facilitating entrepreneurs and entrepreneurship. The Mission’s key roles will be:
1. The Mission will collaborate and work with all other entities, within Government and outside it, with the following objectives:
A. Ensure that the promotion of entrepreneurship is continuously high on the agenda of all stakeholders
B. Educate & inform all best practices globally & put forward well researched recommendations and action plans that would facilitate entrepreneurship
C. Create appropriate measurements, methodologies and systems to track performance across various industries, in this area. A few of these for example, could be India’s global ranking in entrepreneurship, ease of doing business
2. The Mission would work closely with Government ministries/departments of Finance, MSME, HRD, Industry, IT, etc. at both National and State levels, many of whom have developed strategic plans of their own and seek to help them strengthen the element of entrepreneurship in those plans.
3. It would similarly work with Regulators, Banks, Financial Institutions, Angel investors, Venture Capitalists, industry bodies & Chambers of Commerce and educational institutions, both public and private, with the objective of regulatory outcomes which promote and facilitate entrepreneurship.
4. While the general approach would be to work in an enabling and coordinating capacity, it would have the lead role in the area of driving the financing part of the eco system which is the most critical component. In this area it would need to have appropriate empowerment whilst engaging with other stakeholders. In the area of financing, the Mission would be the sole recommending authority to the Government of India and counterpart bodies set up at the State levels.
5. This Mission would derive its unique strength and importance from the fact that it would be the most knowledgeable entity in India on the subject of creation and development of an entrepreneurial eco system that will foster levels of innovation, enterprise and employment that the country needs, on a sustainable basis. It would therefore, be able to achieve a vast majority of its objectives without having an overarching mandate over other entities of Governments.
6. It would also become the nodal point for an entrepreneurship movement and in that capacity, articulate and disseminate the view point of the entrepreneurs amongst all the stakeholders within Government and outside – a capacity that is lacking today.
7. The Mission will develop a clearly defined plan of action, ownership of initiatives, key dependencies, resource requirements for research as well as designing, devising, driving, tracking, and monitoring progress of the initiatives and plans.
8. The Mission should ideally be set up under the Prime Minister’s Office which will give it the ability to exercise adequate influence without necessarily, a statutory authority.
9. The Mission would set up appropriate mechanisms and metrics that will allow it to track its impact on the entrepreneurial eco system in the country.
10. It would similarly help all other stakeholders in drawing up mechanisms to measure their impact on increasing entrepreneurial activity.
Towards this objective, we recommend that the Central Government set up a National Entrepreneurship Mission (the “Mission”), whose sole focus will be to establish a vibrant entrepreneurial eco system in India. The Mission’s mandate, as one single entity within the Governments both at the National and State levels, will require it to pursue exclusively, the task of facilitating entrepreneurs and entrepreneurship. The Mission’s key roles will be:
1. The Mission will collaborate and work with all other entities, within Government and outside it, with the following objectives:
A. Ensure that the promotion of entrepreneurship is continuously high on the agenda of all stakeholders
B. Educate & inform all best practices globally & put forward well researched recommendations and action plans that would facilitate entrepreneurship
C. Create appropriate measurements, methodologies and systems to track performance across various industries, in this area. A few of these for example, could be India’s global ranking in entrepreneurship, ease of doing business
2. The Mission would work closely with Government ministries/departments of Finance, MSME, HRD, Industry, IT, etc. at both National and State levels, many of whom have developed strategic plans of their own and seek to help them strengthen the element of entrepreneurship in those plans.
3. It would similarly work with Regulators, Banks, Financial Institutions, Angel investors, Venture Capitalists, industry bodies & Chambers of Commerce and educational institutions, both public and private, with the objective of regulatory outcomes which promote and facilitate entrepreneurship.
4. While the general approach would be to work in an enabling and coordinating capacity, it would have the lead role in the area of driving the financing part of the eco system which is the most critical component. In this area it would need to have appropriate empowerment whilst engaging with other stakeholders. In the area of financing, the Mission would be the sole recommending authority to the Government of India and counterpart bodies set up at the State levels.
5. This Mission would derive its unique strength and importance from the fact that it would be the most knowledgeable entity in India on the subject of creation and development of an entrepreneurial eco system that will foster levels of innovation, enterprise and employment that the country needs, on a sustainable basis. It would therefore, be able to achieve a vast majority of its objectives without having an overarching mandate over other entities of Governments.
6. It would also become the nodal point for an entrepreneurship movement and in that capacity, articulate and disseminate the view point of the entrepreneurs amongst all the stakeholders within Government and outside – a capacity that is lacking today.
7. The Mission will develop a clearly defined plan of action, ownership of initiatives, key dependencies, resource requirements for research as well as designing, devising, driving, tracking, and monitoring progress of the initiatives and plans.
8. The Mission should ideally be set up under the Prime Minister’s Office which will give it the ability to exercise adequate influence without necessarily, a statutory authority.
9. The Mission would set up appropriate mechanisms and metrics that will allow it to track its impact on the entrepreneurial eco system in the country.
10. It would similarly help all other stakeholders in drawing up mechanisms to measure their impact on increasing entrepreneurial activity.
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