India’s Business Titans Altering The Corporate Landscape
India’s entrepreneurial drive is at an all-time high owing to an enormous number of micro, small, medium, and large businesses thriving across the country. Indian businesses have evolved by undergoing transformation and several organisational panaches have emerged as a response to the country's multifaceted domestic as well as international context. The government has also been encouraging and supporting the growth of the Indian business ecosystem.
India's corporate ecosystem is thriving
India's business ecosystem is one of the largest and most rapidly expanding in the world. According to a recent report, India ranks among the top 10 best-performing major economies in the world. Indian business leaders have showcased resilience and self-efficacy and are committed to bringing innovation to their offerings. It is a remarkable achievement as the Indian start-up ecosystem has grown to be the third largest in the world, behind only the United States and China. The year 2021 saw 44 Indian start-ups become "unicorns," bringing a total to 83; where the majority of these companies belong to the services sector. Interestingly, small and medium businesses continue to be the backbone of the Indian economy. These businesses have significantly aided the growth of the Indian economy, and government support has boosted the development of such businesses by launching a plethora of initiatives to help them to thrive further.
An innovation powerhouse
India is considered to be an innovation powerhouse filled with ambitious business leaders panning across metro cities as well as smaller towns who have converted unique products into business ideas. These entrepreneurs have established a development-oriented business strategy by investing in innovation and research about emerging trends to boost progress. The pandemic was an opportunity in disguise for a lot of businesses across the world as it became imperative for business leaders to go back to the drawing board and chalk out an innovative strategy for business continuity.
Changing perceptions toward entrepreneurship
There has been a sea of change in how business is conducted in India owing to the rise of entrepreneurship culture across the country. The entrepreneurial ecosystem in India is one of the fastest-growing ecosystems in the world. Indian start-ups and small businesses are significant growth drivers of the economy. A supportive ecosystem has stimulated Indian entrepreneurs to take a plunge by launching a new venture or transforming their existing business to offer relevant products or services to their respective audiences. The Indian government has also been committed to supporting Indian businesses by devising policy frameworks that aid ease of doing business. Owing to the humongous growth rates and other considerations, India is swiftly becoming a global economic powerhouse.
Role of business titans in boosting the economy
The large talent pool of Indian entrepreneurs (also referred to as Business Titans) has the right blend of passion, expertise and mindset that has put India’s business ecosystem at an advantage ready stage to cash on the opportunities of a booming market. These leaders have robust stimuli, problem-solving abilities, endurance, and a huge appetite for progress which helps to fuel growth within the sector. It thus becomes essential to provide a platform to recognise and support such Business Titans for their resilience and consistent innovation. Recognitions and accolades play a pivotal role in fostering growth, and deepening brand value and reputation within and across the industry in which the business operates. We have thus taken this opportunity to celebrate the glory of Indian businesses at an international destination.
Indian entrepreneurs are the torchbearers of our economy as their innate business acumen has aided India’s economic growth and provided India with an exceptional opportunity to become a global economic powerhouse. Providing much-deserved acknowledgement to such Business Titans of India and valuing their contributions to the growth of the economy will foster the ethos of gratitude among them!
*The author is Ashit Kukian, CEO, Radio City
