Evolution of Entrepreneurship in India

 India has a long history of Entrepreneurship.

 1611 – East India Company established trade relations with Indian rulers in Masulipatam (east -
cost).
 1612 – East India Company established trade relations with Indian rulers in Surat (west – cost)
 1639 – East India Company rented a trading oil post in Madras.
 British and Indian entrepreneurs established “Managing Agency System”.
 1880 – Established local firms were defrauded.
 The participation of Indian entrepreneurs was discouraged by colonial rule that favoured
Europeans over Indians.
 1900 – India began to industrialize during British rule.
 Marwari entrepreneurs in Bengal won the confidence of British followed by Parsi community.
 1912 – 1945 – Industrial production doubled.
 1947 – India got independence and entrepreneurship flourished.
 1950 – Government owned companies was decided to play a decisive role in extending the
national economy.
 1954 – Government setup small scale industrial organization & SSIB.
 1955 – National Small Industries Corporation Limited (NSIC) established.
 1969 – Technician scheme launched by two state level agencies of Gujarat.
 1978 – District Industries Centres (DIC’s) were started.
 1980’s – India embarked upon its liberalization programme.
 1983 – NIESBUD was established. (NIESBUD – National Institute for Entrepreneurship and small
Business Development)
 1983 – EDI was established.
 1991 – Full scale economic reforms were launched.
 Before 1991, 17 areas were reserved for public sector than it reduced to only 3 sectors in 2002.
 This opened up industry segments energised the private sector.
 In last 20 years, entrepreneurial activities were exemplified by small and medium enterprises
(SME’s).
 Entrepreneurship has played a significant role in the development of Indian industry.