In an exclusive discussion with Asoke K Laha, President of Indo-American Chamber of Commerce and Founder & CMD of Interra IT Faiz Askari of SMEStreet found some key points for a better entrepreneurial ecosystem in India.
Earlier, in a similar interaction with SMEStreet Mr Laha shared an overview about India-US business relations and priorities ahead, in this he spoke the criticality of ‘Ease of Doing Business’, for Indian entrepreneur.
The edited excerpts:
According to you, what is the key expectation of demand from Indian entrepreneur from the perspective of it’s growth path?
A pro business environment have to created which will have SME priorities on top. Ease of Doing Business and in simple terms better experience of entrepreneur while doing his work is essential for India’s economic growth.
With Ease of Doing Business, which exact point would you like to highlight?
I must say that no subsidy can motivate any entrepreneur. Instead, the credit availability and ease of capital access to the entrepreneur must be worked upon. The harsh reality of today, is the fact that banking system of the country does not consider SMEs the way they should be considered or treated. In addition, tax complexity is also an area where a lot of work needs to be done. With GST implementation, I am expecting that this problem will be curbed.
Globalization is also getting considered as a great opportunity for Indian entrepreneurs. What are your views on this?
Indian SMEs have great potential with regards to talent. The entrepreneurs are growth oriented but the missing element for their growth is – proper guidance and support mechanism. Indian SMEs must understand that global opportunities are knocking their doors and it is high time for Indian entrepreneurs to look beyond the conventional. But, to tap the global business opportunities the Indian MSMEs must produce quality oriented product with high level of professional commitment. Indian industry must create a very strong perception of best quality in the global market.